Seeking to accommodate growth, Southern Energy Inc. will move toa new Atlanta office, with the Southern Company Energy Marketingunit relocating by December and the headquarters going a yearlater.
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Southern Co. Taking New Atlanta Office Space
Seeking to accommodate growth, Southern Energy Inc. will move toa new Atlanta office, with the Southern Company Energy Marketingunit relocating by December and the headquarters going a yearlater.
Duke Adds Canadian Midstream Assets
Taking its initial plunge into the Canadian Midstream market,Duke Energy announced last week its subsidiary, Duke EnergyServices Canada Ltd., acquired gas gathering and processing assetsfrom Calgary-based Cometra Energy. Financial terms were notdisclosed.
Duke Buys Canadian Midstream Assets
Taking its initial plunge into the Canadian Midstream market, Duke Energy announced Wednesday its subsidiary, Duke Energy Services Canada Ltd., acquired gas gathering and processing assets from Calgary-based Cometra Energy. Financial terms were not disclosed.
Screen Gives Cash a Lift; Westcoast Shuts In McMahon
Taking a cue from a last-day uptick in the Henry Hub futurescontract for February, late-January cash prices ranged from flat toup about a nickel Wednesday. February bidweek numbers were alsomoving a bit higher in several instances, sources said.
UPR, ARCO Take Large Write-Downs
Union Pacific Resources Group and ARCO warned last week theywill be taking massive asset write-downs and restructuring chargesduring the fourth quarter, reflecting their continuing struggle todeal with low crude oil and gas prices.
Amway, Columbia Target Ohio, Georgia
Amway Corp. and Columbia Energy are taking their retail energyalliance to Ohio this month, three months after testing energymarketing strategies in Georgia. Georgia residents who have chosenColumbia Energy through Amway distributors can save as much as 18%per year on the cost of natural gas, according to Columbia.
UtiliCorp to Buy Back All AQP Shares at a 23% Premium
After taking Aquila Gas Pipeline off the auction block inAugust, UtiliCorp United announced plans last week to buy back 5.4million common shares of the company, representing the 18% ofoutstanding AQP common shares it does not already own, for $8 pershare. The price represents a 23% premium to the closing AQP shareprice of $6.50 on Nov. 11.
CNG Boosting Budget Commitment to E&P
Consolidated Natural Gas (CNG) is taking advantage of depressedprices in the E&P sector and spending more of its money where itsees the most long-term bang for the buck. Having pulled out of themarketing business, CNG’s $524.5 million capital budget for 1999continues the company’s focus on expanding its exploration andproduction business. More than 60% of the 1999 budget is allocatedto CNG’s E&P subsidiary, CNG Producing Co.
CMS Buys Heritage, Takes Stake In Powder River
CMS Energy Corp. went on a shopping spree last week, taking amajor stake in one of the Rocky Mountain region’s hottest newproducing areas, the Powder River Basin, and adding to its growingMidcontinent midstream asset base with the purchase of Heritage GasServices, L.L.C.