Shopping

Phillips Petroleum announced last week that it has done somecoal-bed methane shopping recently. Phillips acquired River GasCorp., a privately held coal-bed methane producer, as well ascoal-bed methane positions of three other companies located in thePowder River Basin of Wyoming. The cost of the four transactionswas $123 million in cash.

Phillips Petroleum announced yesterday that it has done somecoal-bed methane shopping recently. Phillips acquired River GasCorp., a privately held coal-bed methane producer, as well ascoal-bed methane positions of three other companies located in thePowder River Basin of Wyoming. The cost of the four transactionsfor was $123 million in cash.

Houston’s Apache Corp. said yesterday that its recent equityoffering has raised net proceeds of $433.9 million to fund thisyear’s acquisitions, including Occidental Petroleum’s interests inthe Gulf of Mexico. So far, the company has announced or completedcash acquisitions totaling $860 million this year alone.

Not to be outdone by its integrated energy industry brethren,the energy transaction software industry is also conducting itsfair share of consolidation. Altra Energy announced its third majoracquisition of the year last Monday, as the Houston-based softwareprovider entered into a definitive agreement to purchaseTransEnergy. Terms of the deal between the two private companieswere not disclosed, but Paul Bourke, Altra’s CEO, said the combinedcompany’s annual revenue will grow into the $50 to $100 millionrange.

Not to be outdone by its integrated energy industry brethren,the energy transaction software industry is also encountering itsfair share of consolidation. Altra Energy announced its third majoracquisition of the year Monday, as the Houston-based softwareprovider entered into a definitive agreement to purchaseTransEnergy. Terms of the agreement between the two privatecompanies were not disclosed, but Paul Bourke, Altra’s CEO, saidthe combined company’s annual revenue will grow into the $50 to$100 million range.

Commonwealth Edison (ComEd) parent Unicom is planning a shoppingspree that could include one or several major gas or waterdistribution companies or a communications company, Unicom Chairmanand CEO John W. Rowe said this week at the company’s annualmeeting.

Commonwealth Edison (ComEd) parent Unicom is planning a shoppingspree that could include one or several major gas or waterdistribution companies or a communications company, Unicom Chairmanand CEO John W. Rowe said this week at the company’s annualmeeting.

At an annual meeting yesterday, Avista Corp. CEO T.M. Matthewsunveiled a new strategy that will include the purchase of 10% ofAvista’s common stock and will defer any major acquisitions soAvista can concentrate on the company’s existing energy business.

DTE Energy, Detroit Edison’s parent company, said last week itis in the market to acquire a natural gas supplier. The company isin exploratory stages right now but hopes to have some kind ofagreement by the end of this year, a DTE official said at thecompany’s annual meeting.