Terminate

PNM Resources Inc. and Continental Energy Systems LLC have agreed to terminate PNM’s pending acquisition of Cap Rock Energy Corp, an electric distribution and transmission company that serves 36,000 customers in 28 counties in North, West and Central Texas, the companies said.

PNM Resources Inc. and Continental Energy Systems LLC have agreed to terminate PNM’s pending acquisition of Cap Rock Energy Corp., an electric distribution and transmission company that serves 36,000 customers in 28 counties in North, West and Central Texas, the companies said Tuesday.

Alaska’s Department of Natural Resources (DNR) has granted ExxonMobil Corp.’s request for reconsideration of its decision to terminate the North Slope Point Thomson Unit (PTU) leases held by the company and BP Exploration (Alaska), Chevron U.S.A. Inc. and ConocoPhillips Alaska.

Alaska’s Department of Natural Resources (DNR) has granted ExxonMobil Corp.’s request for reconsideration of its decision to terminate the North Slope Point Thomson Unit (PTU) leases held by the company and BP Exploration (Alaska), Chevron U.S.A. Inc. and ConocoPhillips Alaska.

The U.S. Supreme Court last Tuesday said it would hear two cases in which a Nevada utility and Pacific Northwest utility district seek to terminate above-market power contracts that were signed during the western energy market meltdown in 2000-2001.

With a legal opinion supporting the move, the Port of Long Beach Harbor Commission last week decided to terminate an ongoing environmental assessment and reject a four-year-old proposal by Sound Energy Solutions (SES) to build a 1 Bcf/d receiving terminal for liquefied natural gas (LNG) in the harbor.

With a legal opinion supporting the move, the Port of Long Beach Harbor Commission Monday decided to terminate an ongoing environmental assessment and reject a four-year-old proposal by Sound Energy Solutions (SES) to build a 1 Bcf/d receiving terminal for liquefied natural gas (LNG) in the harbor.

Due to more moderate weather forecasts for most of its Pacific Northwest market area, Northwest said it would terminate effective Saturday (Feb. 25) the Stage II Unauthorized Overrun Entitlement implemented Feb. 17 for all Receiving Party customers north of Kemmerer Compressor Station (see Daily GPI, Feb. 17). The Blue Lake area stress relief excavation was completed around midnight Wednesday, Northwest said, and it expected to restore full design capacity through the Columbia River Gorge Thursday afternoon.

Marathon Oil Corp. said last week that it is planning a corporate restructuring that will claim 265 jobs but will lead to cost savings of about $65 million/year. However, it will have to take a $40 million pre-tax charge, 40% of which will come in the third quarter. Most of the job reductions are expected to be at its Houston headquarters and in its U.S. production unit and will take place before the end of the year.