Specialist

As part of its efforts to divest some of the company’s noncore assets, North American natural gas infrastructure specialist Spectra Energy said its Spectra Energy Midstream subsidiary has entered into an agreement with Keyera Facilities Income Fund (Keyera) under which Spectra Energy Midstream has agreed to sell all of its interests in the Nevis and Brazeau River natural gas gathering and processing facilities, located in Alberta, to Keyera for C$129 million.

Subsea well operation and construction specialist, Cal Dive International Inc., said Wednesday that four tropical weather systems have “significantly” reduced expected utilization of the company’s fleet of marine construction vessels in the last six weeks of the third quarter. As a result, Cal Dive said it now estimates third quarter earnings per share in a range of 8 to 11 cents in contrast to First Call consensus estimates of 23 cents.

Subsea well operation and construction specialist, Cal Dive International Inc., said Wednesday that four tropical weather systems have “significantly” reduced expected utilization of the company’s fleet of marine construction vessels in the last six weeks of the third quarter. As a result, Cal Dive said it now estimates third quarter earnings per share in a range of 8 to 11 cents in contrast to First Call consensus estimates of 23 cents.

A federal bankruptcy judge in New York last week endorsed Enron Corp.’s selection of bankruptcy specialist Stephen F. Cooper as acting CEO of the embattled company, after the Securities and Exchange Commission (SEC) abandoned its opposition to his appointment.

Enron Corp. on Tuesday named Stephen F. Cooper, managing partner with New York-based Zolfo Cooper LLC, a corporate recovery and crisis management firm, as interim CEO and chief restructuring officer. Cooper has more than 30 years of experience leading companies through operational and financial reorganizations. Cooper will be joined by a team of Zolfo Cooper professionals and current Enron executives to assist with Enron’s restructuring effort.

Texaco bought a 20% equity stake in hydrogen storage specialistand fuel cell developer Energy Conversion Devices, Inc. (ECD) lastweek for $67.3 million. While the major producer has not lost sightof the importance of its upstream and downstream businesses nor thesurge in mergers among its major competitors, it has chosen tofocus on a variety of new technologies that it believes willdetermine the future of the automobile and electric powerindustries.

Texaco bought a 20% equity stake in hydrogen storage specialistand fuel cell developer Energy Conversion Devices, Inc. (ECD)yesterday for $67.3 million. While the major producer has not lostsight of the importance of its upstream and downstream businessesnor the surge in mergers among its major competitors, it has chosento focus on a variety of new technologies that it believes willdetermine the future of the automobile and electric powerindustries.