Williams Energy Services said it is selling Thermogas, itspropane distribution company, to Ferrellgas for $432.5 million,including $257.5 million in cash and $175 million through seniorFerrellgas common units, which Williams intends to convert to $175million in cash. The sale is expected to close before the end of1999. Williams plans to redeploy the proceeds into wholesalemarketing and midstream operations.
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Williams Sells Propane Unit to Ferrellgas
Williams Energy Services said it is selling Thermogas, itspropane distribution company, to Ferrellgas for $432.5 million,including $257.5 million in cash and $175 million through seniorFerrellgas common units, which Williams intends to convert to $175million in cash. The sale is expected to close before the end of1999. Williams plans to redeploy the proceeds into wholesalemarketing and midstream operations.
FirstEnergy Acquires Ohio Retail Marketer
FirstEnergy Corp. of Akron, OH, acquired Belden Energy Services,a subsidiary of Belden & Blake Corp. that sells gas to retailcustomers in Ohio. Belden Energy Services, with 1998 revenues of$44 million, is based in North Canton, OH, and would become part ofFirstEnergy Trading Services. Belden, with annual sales of nearly15 Bcf of gas, has about 600 commercial and industrial customers.
Dynegy Sells Gasification Assets
Dynegy announced the sale of all of its gasification assets toCincinnati-based Global Energy Inc. for an undisclosed sum lastweek, effectively exiting the Houston-based company from thegasification business. The sale, which the companies said willclose by the end of the year, is not expected to impact Dynegy’searnings.
Dynegy Sells Gasification Assets
Dynegy announced the sale of all of its gasification assets toCincinnati-based Global Energy Inc. for an undisclosed sumyesterday, effectively exiting the Houston-based company from thegasification business. The sale, which the companies said willclose by the end of the year, is not expected to impact Dynegy’searnings.
KN Energy Sells Tom Brown Shares for $29M
The recent sale of one million shares of Tom Brown Inc. stock toan undisclosed investor garnered Lakewood, CO-based KN Energy about$29 million in cash and should help the company digest itsacquisition of Kinder Morgan Inc.
KN Energy Sells Tom Brown Shares for $29M
The recent sale of 1 million shares of Tom Brown Inc. stock toan undisclosed investor garnered Lakewood, CO-based KN Energy about$29 million in cash and should help the company digest itsacquisition of Kinder Morgan Inc.
Pioneer Sells TX, Canada Properties for $105 M
Pioneer Natural Resources Co. of Dallas agreed to sell oil andgas properties in Texas and Canada for about $105 million, whichwill be used to retire Pioneer bank debt.
SDG&E Sells Encina Plant to Dynegy, NRG
San Diego Gas & Electric (SDG&E) has completed the saleof its 951 MW Encina Power Plant in Carlsbad, CA, and 253 MW ofcombustion turbine facilities in San Diego County to Dynegy Inc.and NRG Energy Inc.
MCN Sells Midcontinent, Gulf E&P Assets
MCN Energy Group said it has agreed to sell the second of itsfour exploration and production (E&P) packages to an unnamedbuyer(s). The second package is made up of 150 Bcfe of provedreserves in the Midcontinent and Gulf Coast regions and drew atotal of $115 million. The assets sold represent about 13% of thetotal assets MCN put up for sale last year. About 80% of thereserves sold in the second package were gas. Not included wereMCN’s seismic data and exploratory leasehold interests in theCotton Valley Pinnacle Reef play in east Texas, the company said.Those assets apparently will be included in a later sale.