Sells

After selling off some of its western Canadian properties earlier this year, Murphy Oil Corp.’s Canadian subsidiary plans to sell more of its northern properties — this time its interests in several Nova Scotian Shelf exploration licenses.

Duke Energy on Wednesday completed the sale of its exploration and production subsidiary, Duke Energy Hydrocarbons LLC (DEH), to a private company for $83 million.

CMS Energy signed an agreement to sell its CMS Field Services subsidiary to Cantera Resources Inc. for $115.5 million cash plus a $50 million face-value note payable from 2004 through 2008 and contingent on the financial performance of the Fort Union and Bighorn natural gas gathering systems in Wyoming.

Duke Energy said it is selling its 50% stake in Foothills Pipe Lines to TransCanada PipeLines for $177 million (C$257 million), including $105 million (C$152 million) in Foothills debt. Duke obtained the Foothills interest when it purchased Westcoast Energy in 2002 (see Daily GPI, Sept. 24, 2001).

Duke Energy said it is selling its 50% stake in Foothills Pipe Lines to TransCanada PipeLines for $177 million (C$257 million), including $105 million (C$152 million) in Foothills debt. Duke obtained the Foothills interest when it purchased Westcoast Energy in 2002 (see Daily GPI, Sept. 21, 2001; Feb. 28, 2002).

CMS Energy signed an agreement to sell its CMS Field Services subsidiary to Cantera Resources Inc. for $115.5 million cash plus a $50 million face-value note payable from 2004 through 2008 and contingent on the financial performance of the Fort Union and Bighorn natural gas gathering systems in Wyoming.

Williams sold a small package of Rocky Mountain region producing properties in the Denver-Julesberg (D-J) basin in northeastern Colorado to Bridgeport, WV-based Petroleum Development Corp. for $28 million. The D-J Basin properties were among those announced for sale earlier this year as part of Williams’ financial-strengthening plan.

Casting off the contracts that once catapulted it to the top of the gas marketer rankings, Mirant Corp. on Thursday said it will sell a significant portion of its Canadian gas aggregator, transportation and storage agreements to food processing giant Cargill Ltd. Terms of the deal were not disclosed, but financially struggling Mirant said it would reduce its collateral obligations by about $200 million.

Casting off the contracts that once catapulted it to the top of the gas marketer rankings, Mirant Corp. last Thursday said it will sell a significant portion of its Canadian gas aggregator, transportation and storage agreements to food processing giant Cargill Ltd. Terms of the deal were not disclosed, but financially struggling Mirant said it would reduce its collateral obligations by about $200 million.