Pure Resources Inc. announced Wednesday that its subsidiary, Pure Resources II Inc., has successfully completed its initial tender offer and subsequent offering period for all of the outstanding shares of Hallwood Energy Corp. common stock at a price of $12.50 per share and all the outstanding shares of Series A Cumulative Preferred Stock of Hallwood Energy at a price of $10.84 per share. As of May 15, Pure Resources reported that it had accepted for payment approximately 86% of Hallwood Energy’s common stock and 81% of the company’s Series A Cumulative Preferred Stock. Pure Resources first reported the $268 million acquisition of Hallwood Energy in early April (see Daily GPI, April 2). The companies said completion of the merger would occur as soon as practicable. Pure Resources is an independent exploration and production company that develops and produces oil and natural gas in the Permian Basin, the San Juan Basin, the Gulf Coast, and the Gulf of Mexico. Denver-based Hallwood Energy is a public oil and gas company with properties primarily located in the Permian Basin, the San Juan Basin, South Texas and onshore South Louisiana.
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Chevron Petitions Supreme Court
Chevron announced last week it has filed a petition asking theU.S. Supreme Court to hear a $742 million breach-of-contract casefirst brought against Gulf Oil Co. in 1982 by Cities Service Co.,which was bought by Occidental in 1984. Dawn Soper, a Chevronspokesperson, said it is now up to the court to rule on thepetition.
Chevron Petitions Supreme Court
Chevron announced it has filed a petition asking the U.S.Supreme Court to hear a $742 million breach-of-contract case firstbrought upon Gulf Oil Co. in 1982 by Cities Service Co., which wasbought by Occidental in 1984. Dawn Soper, a Chevron spokesperson,said it is now up to the court to rule on the petition.
Awareness of Power Competition Grows in PA
A survey conducted by Promark Research Corp. between Aug. 23-25,with subsequent data analysis by Baselice & Associatesdetermined that 95% of Pennsylvanians are aware that they can orwill soon be able to choose their electric generation supplier.It’s a huge improvement for the Pennsylvania program when comparedwith a June survey that showed awareness 15 percentage pointslower. Nationwide awareness of electric restructuring is about 40%,according to another survey by Yankee Energy.
Intense Heat Keeps Pressure on Futures Prices
The July Nymex futures contract crept up another 2.9 cents tosettle Tuesday at $2.391, as hot weather and subsequent strong cashmarket prices continued to support the futures strip. July reacheda high of $2.41 on the day, which is just 2 cents shy of its nextresistance level. However, one source feels the spot month may havetrouble breaking that level in regular trading today since heexpects many traders to stay on the sidelines in anticipation ofthe latest AGA storage report, to be released this evening.
Pipe Official Suggests Using Futures to Price Capacity
Spurred on by LDC unbundling and subsequent decontracting,interstate gas pipelines are bracing for a brave new world thatcould portend significant changes in the way capacity is priced andin the types and range of services that will be offered tocustomers in the years ahead, pipeline executives said last week.
