Upped

Energy Transfer Equity LP (ETE) on Tuesday upped the ante for Southern Union Co., offering to pay $40/share, or a total of $8.8 billion, in a simplified cash-and-equity deal, which includes the assumption of debt. The offer is 42% higher than Southern Union’s closing price on June 15, the last trading day before the original merger agreement was unveiled.

Apache Corp.’s Canadian subsidiary, which had been in talks to supply natural gas to Kitimat LNG Inc.’s proposed liquefied natural gas (LNG) export terminal in Kitimat, BC, on Wednesday upped the stakes by agreeing to purchase a controlling stake in the facility for an undisclosed amount.

Miller Petroleum Inc., which explores for natural gas and oil in Alaska and Tennessee, has significantly upped its net reserves and acreage after acquiring the Alaska assets of bankrupt Pacific Energy Resources.

Miller Petroleum Inc., which explores for natural gas and oil in Alaska and Tennessee, has significantly upped its net reserves and acreage after acquiring the Alaska assets of bankrupt Pacific Energy Resources.

Exelon Corp. upped the ante in its $6.36 billion hostile takeover attempt of NRG Energy on Friday by proposing a slate of independent nominees for election to the NRG board of directors at the next NRG annual meeting of shareholders. Exelon said it also proposes to increase the number of NRG directors to 19 from 12.

Southwestern Energy Co. has upped its capital spending for 2008 to $1.7 billion from $1.46 billion, with most of the extra funding to be directed at its core leasehold, the Fayetteville Shale. The Houston-based independent also closed its sale of some noncore properties in the Arkansas shale to XTO Energy Corp. (see Daily GPI, April 4). The $518 million in proceeds is expected to fund the higher spending plan this year. Of the $245 million increase in planned capital investments, $153 million is dedicated to the Fayetteville Shale. The company now expects to participate in around 520 wells this year (75% operated), up from a previous guidance of 475 wells. About $30 million of the new capital is slated for more exploration in East Texas, $34 million is for gathering systems for the midstream operations and $28 million is for other projects. Southwestern also has increased its 2008 production guidance to 172 Bcfe from a previous forecast of 168 Bcfe, which would be 50% above its total 2007 production.

WSI Corp., which already forecast an active 2008 Atlantic hurricane season, upped the ante slightly in an update of its tropical forecast, calling for 14 named storms and eight hurricanes, including four intense hurricanes (Category 3 or greater) to form between June 1 and Nov. 30.

Ultra Petroleum Corp. on Wednesday upped its capital spending for 2008 to $755 million as part of a development plan to boost its domestic natural gas production by 18-22%.

Chevron Corp. has upped its 2008 capital and exploratory spending program by 15%, with $4.8 billion set aside for its U.S. upstream program, which includes deepwater Gulf of Mexico (GOM) projects and natural gas development in the Piceance Basin of Colorado.