Wall Street was awash in reports Monday that Akron, OH-basedFirstEnergy Corp. was negotiating to acquire GPU Inc. ofMorristown, NJ, for more than $10 billion in a transaction thatwould create one of the top energy utility companies in the nation.
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The latest buzz in the oil-patch and on Wall Street is thatindependent producer and marketer Noble Affiliates Inc. of Ardmore,OK, may acquire competitor Ocean Energy Inc. in a transaction thatwould catapult the combined company into the ranks of one of thetop natural gas producers in the United States.
The latest buzz in the oil-patch and on Wall Street is thatindependent producer and marketer Noble Affiliates Inc. of Ardmore,OK, may acquire competitor Ocean Energy Inc. in a transaction thatwould catapult the combined company into the ranks of one of thetop gas producers in the United States.
Enron Corp. turned in second quarter results that beat WallStreet expectations. Also yesterday, Enron Energy Services (EES)announced its biggest energy outsourcing deal yet, and the parentcompany touted its nascent communications business to analysts,saying Communications, which plans to enter bandwidth trading, nowwill be classified as a core business. While the company’s energyservices business continued to lose money, it still appears to beon track to at least break even in the fourth quarter, the companyand analysts said.
In what was said to be a message for Wall Street rather thanstate energy regulators, PG&E Corp. announced Monday that itssecond quarter results due out July 21 will be lower-than-expectedbecause of continuing delays in getting a decision on its pendinggeneral rate case before the California Public UtilitiesCommission. The company made a similar announcement near the end ofthe first quarter.
Although Avista Corp. has yet to garner much attention on WallStreet, the company is expecting its share price will rise as itsstrategy unfolds. Corporate strategy views technology and billconsolidation services as the gateway to a significant nationwidemarketing presence.
Frequently faced with sharp criticism from industry and WallStreet for its estimates on everything from supply and demand tonatural gas prices, the Energy Information Administration earlierthis month publicly admitted there were serious errors over morethan a decade in its gas and oil drilling data.