Exxon Mobil satisfied another condition required by the FederalTrade Commission in its approval of the merger of the two companiesby selling Mobil Alaska Pipeline’s 3% interest in the Trans AlaskaPipeline System to a unit of The Williams Companies, Inc. Terms ofthe sale were not disclosed. ExxonMobil Pipeline will retain its20% interest in the 800-mile pipeline system, which transports onemillion barrels per day of crude oil from Prudhoe Bay on thestate’s North Slope to the Port of Valdez in the south. The stakeadds to Williams’ presence in Alaska, which currently includes apetroleum refinery in North Pole that receives crude oil from theTrans Alaska Pipeline System, a distribution terminal at the Portof Anchorage, 28 retail petroleum convenience stores and aninterest in an air cargo transfer facility at AnchorageInternational Airport.
Selling
Articles from Selling
Stars Aligning For BP Amoco-FTC Agreement
BP Amoco said it is near an agreement with the FTC on its mergerwith Atlantic Richfield Co. (ARCO). The news comes with theannouncement the companies are selling ARCO’s Alaskan businesses toPhillips Petroleum Co. for $7 billion. BP Amoco also agreed to sellARCO’s interests in the Cushing storage terminal, together withvarious pipeline interests, to TEPPCO Partners of Houston for $355million.
Duke Building 3 Plants, Selling 1
Duke Energy North America (DENA) announced the start ofconstruction of three new merchant generation projects totaling1,500 MW. At full capacity, each plant will burn about 3,300MMBtu/hour. In a fourth deal, DENA announced the sale of itsremaining 78.5% interest in the 500 MW Hidalgo Energy Facility toan affiliate of Calpine Corp. for $235 million.
Duke Building Three Plants, Selling One
Duke Energy North America (DENA) announced the start ofconstruction of three new merchant generation projects totaling1,500 MW. At full capacity, each plant will burn about 3,300MMBtu/hour. In a fourth deal, DENA announced the sale of itsremaining 78.5% interest in the 500 MW Hidalgo Energy Facility toan affiliate of Calpine Corp. for $235 million.
Oxy Selling CanOxy Stake For C$1.2 Billion
After exploring its options, Occidental Petroleum Corp. of LosAngeles agreed to sell for C$29.61/share its 29.2% stake inCanadian Occidental Petroleum Ltd. for gross proceeds of C$1.2billion Canadian. Of Occidental’s 40.2 million CanOxy shares, 20.2million will be sold to the Ontario Teachers Pension Plan Board.The remaining 20 million will be sold to CanOxy. Once the deal iscomplete, Occidental will no longer hold an equity interest inCanOxy.
Oxy Selling CanOxy Stake For C$1.2 Billion
After exploring its options, Occidental Petroleum Corp. of LosAngeles agreed to sell for C$29.61/share its 29.2% stake inCanadian Occidental Petroleum Ltd. for gross proceeds of C$1.2billion Canadian. Occidental expects after-tax net proceeds to beUS$700 million and to report a gain of US$300 million.
TXU Selling Processing to New Company
TXU of Dallas sold substantially all of the assets of its gasprocessing subsidiary in Texas, TXU Processing Co. (TXUP), toCantera Resources Inc. for $105 million. TXUP (previously known asEnserch Processing Inc.) has 162 full-time employees, now bound forCantera, and owns and operates nine gas processing plants suppliedby more than 1,800 miles of company-controlled gathering lines withinstalled gathering compression of more than 34,500 horsepower.
NRG Buys 1,875 MW of Generation from Conectiv
Conectiv is selling 1,875 MW of fossil-fired generation andrelated assets that are owned by its subsidiaries, Atlantic CityElectric Co. and Delmarva Power & Light, to NRG Energy ofMinneapolis, a subsidiary of Northern States Power, for $800million. The deal includes a power sales contract at closing, inwhich Delmarva will buy 500 MW from NRG.
NRG Buys 1,875 MW of Generation from Conectiv
Conectiv is selling 1,875 MW of fossil-fired generation andrelated assets that are owned by its subsidiaries, Atlantic CityElectric Co. and Delmarva Power & Light, to NRG Energy ofMinneapolis, a subsidiary of Northern States Power, for $800million. The deal includes a power sales contract at closing, inwhich Delmarva will buy 500 MW from NRG.
Futures Yo-Yo as Techs, Fundamentals Collide
After a strong opening yesterday, gas futures were hit with awave of selling, pressuring the market down to a $2.19 midday low.From there the February contract limped mostly sideways until alate, short-covering rally trimmed losses into the close. Theprompt month finished at $2.244, down 1.6 cents for the day.
