CMS Energy, announcing completion of the $2.2 billion deal tobuy Duke Energy’s Panhandle Eastern and Trunkline pipeline and LNGassets, also has acquired a president and COO for the new CMSPanhandle Pipeline companies. Christopher A. Helms had been Duke’sgeneral manager of business development and managing director ofits PanEnergy Services Europe subsidiary.
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Semco Sells Gas Marketing Unit to MCN
Semco Energy Inc. sold Semco Energy Services, its natural gasmarketing arm, to MCN Energy Group only weeks after announcingintentions to exit the gas marketing side of its business. Nofinancial terms of the deal were disclosed except that Semcoexpects to record a gain on the sale and the companies expect thetransaction to close by the end of March.
Midcoast Targeting Canadian Midstream
Midcoast Energy of Houston continued an ongoing buying spree last week. This time, however, the company has set its sights to the North. Subsidiary Midcoast Canada Operating Corp. bought the Calmar gas treating plant and gathering system in Alberta from Probe Exploration Inc. for C$20 million (US$13.2 million). The company said it has its sights on similar acquisitions in the future.
Analysts Say Producers Are Ripe for the Picking
The majors have had their day, now it’s the independents’ turnin the merger mart, and analysts are targeting Burlington Resourcesand possibly even Mitchell Energy as companies in play.
PennzEnergy, Sonat Form New Mexico Joint Venture
PennzEnergy Co. and Sonat Exploration Co. formed a joint ventureto develop mineral interests underlain by coal bed methane at the700,000-acre Vermejo Park Ranch in northeast New Mexico.PennzEnergy has held the bulk of the mineral rights since 1970.
Cash Market Flattens Out Going into Weekend
It was like old times again (if you can regard February as “oldtimes”) for traders Friday as weekend swing pricing leveled offwith little change from Thursday. It reminded some of the longperiods last month when there was practically no volatility in thecash market. The small gains handily outweighed a few scatteredpenny drops in the West for an overall showing of flat to a smidgenhigher.
Forcenergy Falls Into Chapter 11
Inability to find a buyer for its “high-quality” Gulf of Mexicoproperties pushed Miami-based Forcenergy over the edge into Chapter11 bankruptcy last week, Chairman Stig Wennerstrom said in aconference call. At least one other debt-laden producing companycould follow in its footsteps.
CA Electric Deregulation A Bust for Consumers
One year into electric deregulation, the benefits promisedconsumers by the California legislature have failed to materialize,making monopoly utilities the primary winners in the state’sderegulation game, according to San Francisco-based The UtilityReform Network (TURN), the state’s major utility consumer group.
Futures Tug-of-War Favors Bulls Again
The futures market continued higher Friday, but it was notwithout a struggle when morning short-covering was followed by abrief, but spirited, long liquidation early in the afternoon.However, that dip in prices paved the way for another round of”bargain buying” as some fresh longs were seen entering the fray.And just as the case has been almost the entire week, it was bullsthat ended up on top Friday, with April finishing at $1.854, up 1.9cents for the day and 15.5 cents for the week.
Chesapeake Lost Nearly $1B in ’98
Chesapeake Energy 1998 year-end results were hammered bynon-cash impairment charges of $881 million. Due mainly to “thesevere decline in oil and natural gas prices during 1998″Chesapeake lost $934 million on revenues of $382 million.