Energy powerhouse Enron decided to test its mettle once againlast week, offering British metals trader MG Plc $4.46 per sharecash offer in its bid to enter a new marketplace. The bid values MGat $445 million (300 million pounds sterling).
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Booming Economy Leads to Shortage of Land Rig Workers
“Wanted: entry-level workers, roustabouts, floorhands, mechanicsand electricians. Training, benefits provided.” It’s a virtualposting in drilling companies’ offices across North America.Unemployment is so low, and jobs so plentiful across nearly everyjob sector that finding potential employees who are willing to workfor low-end wages in the oil and gas industry has reached acritical stage.
ProvEnergy Approves Southern Union Merger
Rhode Island’s Providence Energy Corp. shareholders votedoverwhelmingly last week to approve a proposed merger with Austin’sSouthern Union Co. First announced last November, the proposedmerger is on track for regulatory approval by late this summer.ProvEnergy shareholders would be paid $42.50 per share with themerger.
CA General Services Delays State’s Gas Buying
California’s natural gas purchasing program for about 120 stateoperated facilities, totaling more than 14 Bcf, annually has beenpostponed until June 7 and revised due to increasingly uncertainmarket conditions, according to the head of the state’s buyingprogram in the state General Services Department. Bids in therevised program are due from the state’s seven pre-approved biddersby 8:30 a.m. on the 7th. Sempra Energy Trading is the currentsupplier.
Ranking Shows Energy Execs Earn Big Bucks
Archie W. Dunham, chairman and CEO of Conoco Inc., is thehighest paid executive of all the energy companies eitherheadquartered in Houston, TX, or with a significant local presencethere, according an annual ranking by the Houston Chronicle thatwas released last week.
Vastar Board Supports $83/Share BP Buyout
Vastar Resources Inc.’s board of directors last week unanimouslyrecommended approval of a $83/share cash merger offer from BPAmoco. London-based BP Amoco already owns 81.9% of Vastar’s commonstock, acquired through last month’s completed merger with AtlanticRichfield Co. BP Amoco would acquire 18.1%, or 17.7 million shares,of Vastar common stock that is now publicly held.
TXU Told to Remove Poly 1 Pipe by December
The Texas Railroad Commission last week voted to approve toughpipeline safety proposals that include targeting one of the largestutilities in the state – TXU Energy. The TRC voted unanimously torequire TXU to have all segments of its polyethylene 1 pipe out ofthe ground by December.
Unocal, Titan Form Pure Resources in Permian, San Juan
Unocal Corp. has separated out its oil and gas exploration andproduction assets in the Permian and San Juan basins, merging thatsegment of its operations with Midland, TX-based Titan Exploration,Inc., to create a new publicly traded company named Pure Resources,Inc.
Panhandle’s HFT Service Gets Green Light
FERC has granted Panhandle Eastern Pipe Line’s request forrehearing of the capacity-release and penalty issues related to itsproposed hourly firm transportation (HFT) service for gas-firedpower generation facilities.
Phillips, Duke Postpone Field Services IPO
Duke Energy Field Services (DEFS), a wholly owned subsidiary ofDuke Energy Corp. and Phillips Petroleum Co., announced thepostponement of an initial public offering of common shares onFriday because of volatile stock market conditions. The companysaid shares will be offered to the public when market conditionsare more favorable. In the meantime, DEFS will continue to be owned69.7% by Duke Energy and 30.3% by Phillips.