Santa Fe Snyder Corp. of Houston is high grading its asset basethrough a series of deals. The largest component of the company’sstrategic repositioning is the $160 million purchase of additionaldeepwater Gulf of Mexico interests from Marathon Oil. Santa Febought an additional 33% interest in the Angus/Manatee six-blockcomplex, bringing the total working interest in the Shell operatedfields to 49%. The deal closed Jan. 7. The company said it is alsodisposing of low-profit assets.
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Cross Timbers Oil Co. executed a series of acquisitions, salesand closings last week in an attempt to tidy its portfolio andreduce debt. Through all the activity, the Texas-based producergained full control of Oklahoma City-based Spring Holdings Co. andclosed a previously announced $231 million deal with Ocean Energy.Cross Timbers said the net result of all this activity was anincreased reserve base, without deviation from its debt reductionplan.
Eastern Enterprises stock price jumped more than 10% yesterdayto $43.62/share on news it is evaluating strategic alternativesthat could include share repurchases, joint ventures or a sale ofall or part of the company.
In the first of what may be a series of actual lawmakinghearings, House lawmakers on the energy and power subcommitteeacknowledged last week that for the first time in a couple of yearsthey were starting to see a light at the end of tunnel onelectricity restructuring.
In the first of a planned series of legislative hearings, Houselawmakers on the energy and power subcommittee acknowledgedyesterday that for the first time in a couple of years they werestarting to see a light at the end of tunnel on electricityrestructuring.
The first of a series of industry-sponsored meetings aimed atbringing the divided gas segments closer together on some of themajor regulatory initiatives proposed by FERC got underway inHouston last week. Not surprisingly, industry representatives atthe initial session agreed to narrow the “primary focus” of theirnegotiations to two proposals to ease pipeline rate regulation -short-term capacity auctioning and negotiated terms and conditions.
The first of a series of industry meetings aimed at addressingthe controversial issues in the mega-notice of proposed rulemaking(NOPR) and notice of inquiry (NOI) gets underway in Houston today.Many are hoping the sessions will provide the way for the bickeringsegments of the gas industry to achieve common ground on some ofthe top issues posed by FERC.
The energy industry is on the cusp of a series of mega-mergersfollowing last week’s announcement of an historic combination ofExxon and Mobil, according to many observers. Driving theconsolidation, they say, is extremely low commodity prices. Thatreasoning was reinforced last week when gas prices plummeted tohistoric lows for December (see related story this issue).
California regulators have decided to review the potential fordistributed power generation as part of a series of three”roundtable workshops” on offshoots of the state’s electricindustry restructuring. The first roundtable will be held Aug. 3,1-4:30 p.m. at the California Public Utilities Commission’s SanFrancisco headquarters. Utility, trade association and consumerrepresentatives will participate.
Transcontinental Gas Pipe Line has not proven its case forrolled-in rates for a series of expansions of its Leidy Line andits southern system dating back to 1984, according to anadministrative law judge who found there wouldbe “substantial”cost shifting.