Sell

An April 2 filing with the Securities and Exchange Commissionsuggests the rumored sale of Enron’s controlling interest in EnronOil & Gas (EOG) could be in the offing. In the filing, Enronsaid it is pondering EOG’s potential sale among other possibilitiesfor the exploration and production arm of the energy giant.

Unocal Corp.’s Spirit Energy 76 agreed to sell substantially allof its oil and gas assets in Michigan to Quicksilver Resources Inc.for $27 million cash and about $3 million in unregistered commonstock of Quicksilver.

Unocal Corp.’s Spirit Energy 76 agreed to sell substantially allof its oil and gas assets in Michigan to Quicksilver Resources Inc.for $27 million cash and about $3 million in unregistered commonstock of Quicksilver.

Completing an asset sell-off started last month, ConsolidatedEdison Co. announced Baltimore, MD-based Orion Power Holdings asthe winning bidder in the auction for three New York citygenerating facilities. Orion’s winning bid was $550 million. MorganStanley Dean Witter advised Con Edison on the sale. Orion officialssaid the deal will close by mid-1999.

Trading at the New York Mercantile Exchange for the month ofFebruary has featured tight but choppy ranges punctuated by smalldecreases when sellers slightly outnumbered the buyers in themarket. And yesterday’s expiration-day session was simply amicrocosm of that as the March contract was the focus of a fierce,and mostly balanced battle, which was ultimately decided by sellerslate in the day. The March contract concluded its reign as promptmonth with a 4.4-cent decline to settle at $1.666.

Allowing interstate gas pipelines to sell capacity atmarket-based rates, without first requiring a showing of acompetitive market or mitigation measures, could set the stage formore allegedly “anticompetitive” contract arrangements betweenpipes and marketers – similar to the one between Dynegy Marketingand Trade and El Paso Natural Gas, warned California regulators.

Allowing interstate gas pipelines to sell long-term turnbackcapacity at market-based rates, without first requiring a showingof a competitive market or mitigation measures, could trigger morealleged “anticompetitive” contract arrangements between pipes andmarketers – similar to the one between Dynegy Marketing and Tradeand El Paso Natural Gas, warned California regulators.

TransCanada PipeLines plans to sell to the public 15.6 millionshares (excluding a 2.4 million over-allotment option) of a newlimited partnership formed to acquire and operate its U.S. pipelineinterests. The public offering would represent 78.2% of the totalinterest in the new TC PipeLines LP, which will own a 30% stake inthe recently expanded Northern Border Pipeline.

EEX Corp. agreed to sell substantially all of its oil and gasproperties in Oklahoma and the Hardeman Basin, North Central Texas,for about $32 million in cash. Lariat Petroleum Inc. is acquiringthe properties in Oklahoma, and Key Production Co. Inc. isacquiring the Hardeman Basin properties. Aggregate daily productionfrom these properties is about 15 MMcfe/d of gas.