Spin

Calgary-based Paramount Resources Ltd., which will spin off most of its oil and natural gas assets into an energy income trust next month, reported a 3,400% increase in net earnings in 2004 over 2003 and a 43% increase in total oil and gas production. Cash flow was up 77% for the year.

Calgary-based Esprit Energy Trust, a spin off from the former Canadian 88 Energy Corp. (see Daily GPI, July 23, 2004), on Thursday said that even though 2004 oil and natural gas output was lower from a year earlier, it still replaced 121% of its production on a proved basis, 110% on a total proved basis and 104% on a proved-plus probable basis in 2004.

Calgary-based Paramount Resources Ltd. will spin off its oil and natural gas assets in two of its operating units into an energy income trust, the company said Monday. Paramount, whose assets are 80% weighted to natural gas, said the properties targeted for the trust are in the Kaybob and Marten Creek areas of western Alberta, which produce about 120 MMcf/d of gas and 5,000 bbl/d of crude oil and natural gas liquids (NGL).

Calgary-based Paramount Resources Ltd. will spin off its oil and natural gas assets in two of its operating units into an energy income trust, the company said Monday. Paramount, whose assets are 80% weighted to natural gas, said the properties targeted for the trust are in the Kaybob and Marten Creek areas of western Alberta, which produce about 120 MMcf/d of gas and 5,000 bbl/d of crude oil and natural gas liquids (NGL).

Calgary-based Paramount Resources Ltd. will spin off its oil and natural gas assets in two of its operating units into an energy income trust, the company said Monday. Paramount, whose assets are 80% weighted to natural gas, said the properties targeted for the trust are in the Kaybob and Marten Creek areas of western Alberta, which produce about 120 MMcf/d of gas and 5,000 bbl/d of crude oil and natural gas liquids (NGL).

KeySpan Corp. plans to sell or spin off its remaining 55% stake in The Houston Exploration Co. this year, said Robert Catell, CEO of KeySpan, the largest gas distributor in the Northeast. The company has been reducing its stakes in various non-core businesses, with an eye toward cutting debt to 50% of its market capitalization by the end of the year and acquiring power and gas assets.

Enron Corp. remains committed to spinning off three businesses once it emerges from bankruptcy, according to an updated court filing Thursday. CrossCountry Energy would hold Enron’s North American pipelines, Prisma Energy International would consist of 18 foreign assets and Portland General Electric (PGE) would be a stand-alone utility. However, the restructuring CEO noted that Enron reserves the right to sell any of its businesses until the initial distribution of stock.

FERC last week gave the green light for Transcontinental Gas Pipe Line to spin off its South Texas mainline and lateral facilities to an unaffiliated Texas intrastate pipeline, Enbridge Pipelines LP.

FERC on Wednesday gave the green light for Transcontinental Gas Pipe Line to spin off its South Texas mainline and lateral facilities to an unaffiliated Texas intrastate pipeline, Enbridge Pipelines LP.