Rumors

Anadarko Petroleum shares jumped more than 5% Wednesday to $44.93 on a report by Reuters that the company has hired Credit Suisse First Boston to negotiate with potential buyers. Anadarko would not confirm the details of the report.

Confirming rumors that have circulated since late April, proponents of the Mackenzie gas pipeline project announced last Wednesday that TransCanada PipeLines Ltd. has stepped in to be the financial backer of the Aboriginal Pipeline Group (APG), which holds a one-third interest in the pipeline and production project, in exchange for an option to buy a share of the pipeline.

Confirming rumors that have circulated since late April, proponents of the Mackenzie gas pipeline project announced Wednesday that TransCanada PipeLines Ltd. has stepped in to be the financial backer of the Aboriginal Pipeline Group (APG), which holds a one-third interest in the pipeline project, in exchange for an option to buy a share of the pipeline.

Confirming rumors swirling around the industry last week, Duke Energy announced late Thursday that it is restructuring its Duke Energy North America (DENA) business, naming a new leadership team and consolidating the company’s trading and marketing operations in its Houston office.

Confirming rumors swirling around the industry Thursday, Duke Energy announced late in the afternoon that it is restructuring its Duke Energy North America (DENA) business, naming a new leadership team and consolidating the company’s trading and marketing operations in its Houston office.

Confirming rumors that began circulating late last week, Northwest Natural Gas Co. and Enron Corp. struck a deal to sell Enron’s electric utility subsidiary Portland General Electric (PGE) for $1.875 billion. Under terms of the transaction, expected to close by the fourth quarter of 2002, Natural will pay $1.55 billion in cash, give up $200 billion in preferred stock, $50 million in Natural common stock, and assume Enron’s $75 million balance in customer benefits obligations, stipulated in its 1996 PGE purchase. Natural also will assume almost $1.1 billion in PGE debt and preferred stock.

Despite rampant rumors that there could be a competing bid for Conoco, which is engaged in a $35 billion merger of equals with Phillips, A.G. Edwards analyst Bruce Lanni isn’t buying it. The speculation has substantially increased the share price of Conoco relative to Phillips. Conoco has been trading at 5-11% premium to the merger price “suggesting that the ‘arbs’ believe there may be another bid in play.”

Despite rampant rumors that there could be a competing bid for Conoco, which is engaged in a $35 billion merger of equals with Phillips, A.G. Edwards analyst Bruce Lanni isn’t buying it. The speculation has substantially increased the share price of Conoco relative to Phillips. Currently, Conoco is trading at a 5.4% premium, “suggesting that the ‘arbs’ believe there may be another bid in play.”

Responding to rumors that the Canadian government was considering the sale of its C$2 billion stake in Petro-Canada to have more cash on hand to boost federal spending on the economy and security, Canadian Natural Resources Minister Ralph Goodale said Friday that the government might sell the stake when “the time was right,” but offered no other details.