Splash

Freeport-McMoRan Copper & Gold Inc.’s management team said Tuesday it expects to complete its splash into the oil and natural gas pool in March, which should immediately move it ahead of many of the largest U.S. explorers.

All but eclipsed by yet another day of wild swings on Wall Street, energy futures still were able to make a splash on Friday as crude futures pushed below $80/bbl for the first time in exactly one year and natural gas futures continued to nip at their 13-month low. November crude ended up closing $8.89 lower at $77.70/bbl while November natural gas finished at $6.535, down 29 cents on the day and 82.3 cents lower than the previous week’s finish.

Looking to add significant West Texas oil and natural gas reserves, Midland, TX-based Clayton Williams Energy Inc. (CWEI) has entered into a $187.8 million all-cash merger agreement with Southwest Royalties Inc., a privately owned energy company that is also based in Midland.

Looking to add significant West Texas oil and natural gas reserves, Midland, TX-based Clayton Williams Energy Inc. (CWEI) has entered into a $187.8 million all cash merger agreement with Southwest Royalties Inc., a privately owned energy company that is also based in Midland.

Another initial public offering will make a splash in the market this week, and this one may have as much steam as Aquila Energy’s, launched last week (see Daily GPI, April 25). Reliant Resources Inc., the unregulated business unit of Houston-based Reliant Energy Inc. on Friday raised its estimated price range for its IPO by $2, putting the stock price in the $28-30 per share range.

Continuing the expansion beyond its core utility operations,FirstEnergy Corp. made a splash in the unregulated sector last weekwhen its energy services marketing arm, FirstEnergy Services,announced a management and supply deal with Republic TechnologiesInternational, Inc. (RTI), one of the largest producers of specialbar-quality steel products in the U.S. The deal, which is thelargest service agreement FirstEnergy has ever signed, couldproduce more than $1 billion in commodity and energy service salesover the span of the five-year contract.

Continuing the expansion beyond its core utility operations,FirstEnergy Corp. made a splash in the unregulated sector yesterdaywhen its energy services marketing arm, FirstEnergy Services,announced a management and supply deal with Republic TechnologiesInternational, Inc. (RTI), one of the largest producers of specialbar-quality steel products in the U.S. The deal, which is thelargest service agreement FirstEnergy has ever signed, couldproduce more than $1 billion in commodity and energy service salesover the span of the five-year contract.