Sheds

Anadarko Petroleum Corp. on Wednesday said it signed agreements to sell its “Phase 2” Canadian properties to two undisclosed Canadian buyers for an estimated US$715 million (C$853 million).

The Government of Canada is now out of the oil and natural gas business, netting nearly C$3.2 billion (US$2.5 billion) from the sale of its remaining 19% stake in Petro-Canada Ltd. In the record equity offering, 49.4 million common shares were sold for C$64.50 ($50.42) per share.

The Government of Canada is now out of the oil and natural gas business, netting nearly C$3.2 billion (US$2.5 billion) from the sale of its remaining 19% stake in Petro-Canada Ltd. In the record equity offering, 49.4 million common shares were sold for C$64.50 ($50.42) per share.

In its second announced transaction in two days, TXU Corp. on Friday agreed to sell Oncor Utility Solutions, its consulting and asset management business, to UMS Group, a global utility consulting company headquartered in Parsippany, NJ. Financial details were not disclosed.

One day after Reliant Resources’ (RRI) credit ratings were cut another notch by Standard & Poor’s Ratings Services (S&P), the company made some progress in its struggle to reduce its debt burden and increase its liquidity with the sale of its European electric business to nv Nuon, a Netherlands-based electricity distributor. The $1.3 billion transaction includes 3,500 MW of generating capacity in the Netherlands and commercial operations related to the generating assets.

Kerr-McGee Corp. Oil & Gas Onshore LP has sold a portion of its West Texas and Oklahoma producing assets for $127 million to Aethon I, LP. The sale includes 16 fields with estimated net production of 4,900 b/d of oil and 7 MMcf/d of gas. Kerr-McGee said proceeds from the sale have been used to reduce debt.

Kerr-McGee Corp. Oil & Gas Onshore LP has sold a portion of its West Texas and Oklahoma producing assets for $127 million to Aethon I, LP. The sale includes 16 fields with estimated net production of 4,900 b/d of oil and 7 MMcf/d of gas. Kerr-McGee said proceeds from the sale have been used to reduce debt.

Coming as little more than a formality last Tuesday, NewPower Holdings Inc. and its subsidiaries TNPC Holdings and The New Power Co. (collectively NewPower) said that they have filed voluntary petitions for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Northern District of Georgia. The filings came one day after NewPower liquidated its 80,000 power customers in Texas and one day before the company entered into an agreement to sell its 210,000 natural gas customers in Georgia.

As part of its portfolio rationalization effort, Texaco saidlast week that it has agreed to sell $161.1 million worth ofsouthwestern and Midcontinent properties to Bargo Energy. Theeffective date of the purchase was Jan. 1, 2000 and closing isexpected to occur late in the first quarter of this year.