Williams Cos. has accepted half of the outstanding shares of Denver-based Barrett Resources Corp., moving the Tulsa-based Williams one step closer to acquiring the gas-rich independent producer. Williams accepted nearly 17 million shares in its tender offer that expired a week ago, which translates into about 50% of Barrett’s 33.5 million shares outstanding. Under terms of its friendly merger agreement last month (see NGI, May 14), Williams will pay Barrett $73 a share for about 16.73 million shares. With more than half of the outstanding Barrett shares tendered, Williams will buy the rest of the shares on a pro rata basis. The deal is still on track to close in the third quarter. Barrett shareholders may then exchange each remaining share for 1.767 shares of Williams’ common shares.
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Williams Closer to Acquiring Barrett
Williams Cos. on Tuesday accepted half of the outstanding shares of Denver-based Barrett Resources Corp., moving the Tulsa-based Williams one step closer to acquiring the gas-rich independent producer. Williams accepted nearly 17 million shares in its tender offer that expired Monday, which translates into about 50% of Barrett’s 33.5 million shares outstanding.
Kaiser-Francis’ Canadian Gas Fields on Sale Block
In an offer expected to be quickly picked up by one of the many natural gas-thirsty majors or independents, Tulsa-based Kaiser-Francis Oil Co. put nearly one-third of its Canadian production up for sale. The gas fields in northeastern British Columbia hold an estimated 55 Bcf, worth about C$202.5 million ($131 million). The fields’ 2001 net income is expected to be C$45.3 million.
Williams May Muscle in on Barrett Action
Tulsa-based Williams Cos. Inc. apparently is considering a bid to buy Barrett Resources Corp., the Denver-based independent producer fighting off a takeover bid by Royal Dutch/Shell Group. Williams filed information regarding its interest Tuesday with the U.S. Securities and Exchange Commission after outside individuals were inadvertently connected to a telephonic conference call of Williams board of directors.
Williams Communications To Go It Alone
As expected, Tulsa-based Williams Cos. said Friday it would spinoff its broadband network services provider Williams Communicationsin the form of a dividend by distributing nearly 400 millionshares, about 95% of Williams Communications common stock, toholders of the parent common stock.
Independents Vintage, Genesis Agree to Merge
Independent Vintage Petroleum Inc., based in Tulsa, has entered into an agreement to acquire Canadian-based Genesis Exploration Ltd., offering C$18.25 per share in cash. The boards of both companies have unanimously agreed to the offer, which puts total consideration, including assumption of Genesis’ estimated debt, at C$898 million (US$572 million).
Independents Vintage, Genesis Agree to Merge
Independent Vintage Petroleum Inc., based in Tulsa, has enteredinto an agreement to acquire Canadian-based Genesis ExplorationLtd., offering C$18.25 per share in cash. The boards of bothcompanies have unanimously agreed to the offer, which puts totalconsideration, including assumption of Genesis’ estimated debt, atC$898 million (US$572 million).
Sapient Energy Entertains Sale Inquiries
In an effort to pursue options to optimize its business,Tulsa-based Sapient Energy Corp. reported it has retained Randall& Dewey, Inc. to provide transaction advisory services, whichinclude the hosting of the independent oil and gas company’s dataroom opening.
Williams Energizes 2001 Earnings
A successful transformation of its energy business brought a no-surprise expanded earnings forecast for 2001 last week from Tulsa-based Williams. The company expects to meet or beat Wall Street expectations of $1.26 per share for the entire company and $1.73 per share for its energy division, which has seen its marketing and trading earnings soar along with higher energy prices.
Williams Energizes 2001 Earnings Forecast
A successful transformation of its energy business brought ano-surprise expanded earnings forecast for 2001 yesterday fromTulsa-based Williams. The company expects to meet or beat WallStreet expectations of $1.26 per share for the entire company and$1.73 per share for its energy division, which has seen itsmarketing and trading earnings soar along with higher energyprices.
