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BUSINESS
June 11, 2004 | From Associated Press
Global demand for oil will grow this year at its fastest rate since 1980, but OPEC's pledge to pump more crude should help ease the pressure on prices, the International Energy Agency said. U.S. crude prices peaked this month at more than $42 per barrel, driven by fears about security in Saudi Arabia and uncertainty about whether major producers would provide more crude.
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ENTERTAINMENT
February 15, 2011 | By Rebecca Keegan, Los Angeles Times
Oscar voters understand the technicalities of things like costuming, visual effects and sound editing. But those who vote on the Academy Award for documentary feature may have to study up on the complexities of "fracking," a controversial energy industry practice examined in the nominated documentary "Gasland. " Energy in Depth, a group representing oil and natural gas producers, has sent a letter to the Academy of Motion Picture Arts and Sciences arguing that "Gasland" should be ineligible for best documentary feature because it contains inaccuracies.
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BUSINESS
May 1, 1998 | Reuters
The lengthy battle between U.S. utilities PacifiCorp and Texas Utilities Co. for British power company Energy Group ended as PacifiCorp said it would not raise its offer. Portland, Ore.-based PacifiCorp said it is keeping its offer at about $7.2 billion; Dallas-based Texas Utilities is offering about $7.4 billion. British regulators had called for both U.S. companies to submit sealed bids by today, but PacifiCorp's decision means that the unusual process would be avoided.
BUSINESS
October 23, 2006 | From the Associated Press
Halliburton Co. said Sunday that its third-quarter net income rose 22%, thanks in part to fewer disruptions from hurricanes, which beset the oil industry last year. The Houston-based firm's engineering unit, KBR, had $2.4 billion in revenue compared with $2.3 billion in the third quarter of 2005. KBR has kept the company, once led by Vice President Dick Cheney, under lawmakers' microscope for its work in Iraq since a U.S.-led coalition invaded the country three years ago.
BUSINESS
March 3, 1998 | From Times Wire Services
U.S. companies on Monday announced about $22 billion of proposed mergers and acquisitions, extending a two-year explosion in corporate purchases. PacifiCorp's $10.3-billion bid for Britain's Energy Group was the biggest proposed transaction, topping Texas Utilities Co.'s $10.2-billion agreement announced earlier in the day. In a $3.6-billion agreement, Owens-Illinois Inc. said it would buy the glass and plastic packaging businesses of Britain's BTR, Owens' biggest acquisition. Sunbeam Corp.
BUSINESS
June 12, 1997 | CHRIS KRAUL, TIMES STAFF WRITER
The prospective bid by PacifiCorp to acquire Britain's biggest electricity distributor is the most dramatic move yet in a strategy that has put the Portland, Ore., utility at the forefront of the rapid transformation of the power industry.
BUSINESS
February 4, 1998 | (Bloomberg News)
PacifiCorp of Portland, Ore., sweetened its offer for Britain's Energy Group, offering $10.68 billion in cash and assumed debt. The power company offered $12.62 a share, 11% more than its previous bid in June. That offer expired in August after regulatory delays. PacifiCorp said it would assume $4.1 billion in debt, including Energy Group leasing obligations. PacifiCorp has an edge on two rivals for the company, Texas Utilities Co.
BUSINESS
March 4, 1998
* General Electric Co. said it will cut about 1,200 jobs in a restructuring of its GE Power Systems subsidiary, which makes turbines and other power plant equipment. The cuts, which amount to 5% of the unit's work force, are expected to take place early next year. * Texas Utilities Co. boosted its offer for Britain's Energy Group to $10.4 billion in cash and assumed debt and bought almost 14% of Energy Group stock, pulling ahead of PacifiCorp in a struggle for control. Portland, Ore.
BUSINESS
June 11, 2004 | From Associated Press
Global demand for oil will grow this year at its fastest rate since 1980, but OPEC's pledge to pump more crude should help ease the pressure on prices, the International Energy Agency said. U.S. crude prices peaked this month at more than $42 per barrel, driven by fears about security in Saudi Arabia and uncertainty about whether major producers would provide more crude.
BUSINESS
July 9, 2003 | Elizabeth Douglass, Times Staff Writer
PG&E Corp.'s energy wholesale unit filed for Bankruptcy Court protection Tuesday and proposed a reorganization plan that would end the San Francisco-based utility's foray into the unregulated trading business. Like other energy traders faced with slumping power prices and the fallout from Enron Corp.'s collapse, PG&E National Energy Group Inc. was losing money. It reported a $3.
BUSINESS
January 28, 2003 | From Bloomberg News
PG&E Corp., the owner of California's largest utility, won approval from the Federal Energy Regulatory Commission to sell a wind-power farm to MDU Resources Group Inc. for $102.5 million. The Mountain View facility, owned by PG&E's unregulated power-generation and trading unit, National Energy Group, consists of 111 wind turbines near Palm Springs, according to a commission order.
NATIONAL
November 15, 2002 | From Associated Press
Environmentalists joined ranchers Thursday as they locked gates to keep oil and gas drillers from using the ranchers' roads to access natural gas wells. Ranchers in the San Juan Basin blame the drillers for a string of environmental problems, including erosion, water contamination, livestock deaths and a decline in range quality.
BUSINESS
October 9, 2002 | KAREN ROBINSON-JACOBS, TIMES STAFF WRITER
Moody's Investors Service on Tuesday downgraded the credit rating for PG&E Corp.'s energy-trading subsidiary, PG&E National Energy Group, for the second time in two months. Moody's also warned that further downgrades are possible, citing concerns about the company's ability to extend a $400-million credit line past its Oct. 21 expiration date. The action drops the rating on the company's senior unsecured debt and credit line from Ba2 to B1--four levels below investment grade.
BUSINESS
September 26, 2002 | KAREN ROBINSON-JACOBS, TIMES STAFF WRITER
California motorists could see gasoline prices spike to near $3 a gallon in the next few years unless the state substantially reduces its demand for oil, according to an environmental group. In a report being released today, the Natural Resources Defense Council says California's refinery capacity will be unable to keep up with demand because of population growth and other factors, including the state's planned phaseout of the additive MTBE, or methyl tertiary butyl ether. Ending the use of MTBE, which is added to make gasoline burn cleaner but contaminates ground water, will reduce refinery output by 5%, the report says, and that will have to be made up from out-of-state gasoline suppliers.
BUSINESS
March 15, 1988
H. E. "Jack" Lentz has joined Wasserstein, Perella & Co. as vice chairman, specializing in mergers and acquisitions for major companies in the southwestern United States. He will be responsible for the company's energy industry activities. Lentz previously was a managing director at Shearson Lehman Hutton.
CALIFORNIA | LOCAL
March 6, 2002 | TIM REITERMAN and NANCY VOGEL, TIMES STAFF WRITERS
To a chorus of protests from consumer groups, Gov. Gray Davis on Tuesday appointed Michael R. Peevey, a former head of Southern California Edison, to the state panel that oversees utilities. Peevey, 64, an economist and entrepreneur who made millions of dollars during the state's failed deregulation effort, was named to the California Public Utilities Commission, effective Saturday.
NEWS
October 10, 2001 | RICARDO ALONSO-ZALDIVAR, TIMES STAFF WRITER
The California Public Utilities Commission failed to prove that a Texas energy conglomerate wielded monopoly power to drive up natural gas prices during the state's energy crisis, a federal regulatory judge ruled Tuesday. But units of Houston-based El Paso Corp. engaged in "blatant collusion" that violated federal rules as they negotiated a shipping deal, concluded Judge Curtis L. Wagner Jr. of the Federal Energy Regulatory Commission.
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