Kn Energy Inc

Occidental Petroleum Corp. is selling its MidCon Corp. natural gas pipeline network, one of the nation's largest, to KN Energy Inc. in a $3.49-billion cash transaction. Oxy put the subsidiary on the block in October to help pay for its $3.65-billion purchase of the Elk Hills Naval Petroleum Reserve from the U.S. government. On Thursday, it said it would take a $750-million charge during its fourth quarter to complete the transaction after classifying MidCon as a discontinued operation.

Sempra Energy and KN Energy Inc. said they mutually decided to terminate their merger agreement because "it became clear that the combined company would not be able to realize the business objectives that they originally anticipated." Sempra, the San Diego-based parent of Southern California Gas and San Diego Gas & Electric, agreed in February to pay nearly $2 billion in stock and cash for KN Energy of Lakewood, Colo.

Sempra Energy, the largest U.S. natural gas utility, has canceled its $5-billion acquisition of gas pipeline company KN Energy Inc., a person familiar with the situation said. The two companies are negotiating a settlement that will officially end their merger agreement, said the source, who would not comment on why the deal collapsed. Neither Sempra nor KN would comment. San Diego-based Sempra said in February that it had agreed to buy KN, which is based in the Denver suburb of Lakewood.

Sempra Energy, the largest U.S. natural gas utility, has canceled its $5-billion acquisition of gas pipeline company KN Energy Inc., a person familiar with the situation said. The two companies are negotiating a settlement that will officially end their merger agreement, said the source, who would not comment on why the deal collapsed. Neither Sempra nor KN would comment. San Diego-based Sempra said in February that it had agreed to buy KN, which is based in the Denver suburb of Lakewood.

Sempra Energy and KN Energy Inc. said they mutually decided to terminate their merger agreement because "it became clear that the combined company would not be able to realize the business objectives that they originally anticipated." Sempra, the San Diego-based parent of Southern California Gas and San Diego Gas & Electric, agreed in February to pay nearly $2 billion in stock and cash for KN Energy of Lakewood, Colo.

Sempra Energy will announce today that it has agreed to buy the nation's second-largest natural gas pipeline operator for nearly $2 billion in stock and cash, a deal that would vault little-known Sempra of San Diego into the top ranks of energy services companies. The boards of Sempra and KN Energy Inc. of Lakewood, Colo., voted late Friday to approve the deal, which the two companies valued at a total of $6 billion, including the assumption of debt.

Some of the new or revised stock ratings issued Monday on Wall Street: * Dell Computer Corp. (ticker symbol: DELL; close and change: $43.63, up 81 cents) was raised to "strong buy" from "buy" by SG Cowen, with a 12-month target of $55. * Eastman Kodak (EK; $72.81, up $1.69) was raised to "buy" from "hold" by Warburg Dillon Read, with a target of $84. * ESPS Inc. (ESPS; $12.25, up $3) was rated "buy" in new coverage by Hambrecht & Quist; "strong buy" in new coverage by U.S.

The ETSI Pipeline Project, a consortium led by Texas Eastern Corp., said Friday that a court had awarded it more than $1 billion in a lawsuit it brought against Santa Fe Southern Pacific Corp. charging that the railroad tried to stop a $3-billion coal slurry pipeline. The ETSI consortium, which includes the Bechtel Group, Enron Corp. and KN Energy Inc.

Momentum investing appears to have pretty good momentum. Nine of the top 15 stocks from The Times' last Power Ratings, published June 29, have gained ground. And despite some big losers, the momentum-oriented portfolio has outperformed the blue-chip Standard & Poor's 500 index, gaining 7.7% on average in the last eight weeks, versus 2.2% for the benchmark. The best performers have been Harmonic Inc.

Occidental Petroleum Corp., the 13th-largest U.S. oil company, on Tuesday reported a slightly better-than-expected loss in the fourth quarter after being battered by low profit margins on chemical sales and oil prices that hit 12-year lows. The Los Angeles-based company's loss before gains and charges was $35 million, or 11 cents a share, after payment of preferred dividends, compared with profit before charges of $99 million, or 23 cents, in the fourth quarter of 1997.

Sempra Energy will announce today that it has agreed to buy the nation's second-largest natural gas pipeline operator for nearly $2 billion in stock and cash, a deal that would vault little-known Sempra of San Diego into the top ranks of energy services companies. The boards of Sempra and KN Energy Inc. of Lakewood, Colo., voted late Friday to approve the deal, which the two companies valued at a total of $6 billion, including the assumption of debt.

Occidental Petroleum Corp. is selling its MidCon Corp. natural gas pipeline network, one of the nation's largest, to KN Energy Inc. in a $3.49-billion cash transaction. Oxy put the subsidiary on the block in October to help pay for its $3.65-billion purchase of the Elk Hills Naval Petroleum Reserve from the U.S. government. On Thursday, it said it would take a $750-million charge during its fourth quarter to complete the transaction after classifying MidCon as a discontinued operation.

T. Boone Pickens Jr. set his sights Monday on the nation's largest gold producer, disclosing a $1.88-billion offer to buy Homestake Mining Co. of San Francisco, owner of the big McLaughlin open-pit gold mine in Northern California. In what is beginning to look like a busy year for the Amarillo, Texas, corporate raider, Pickens couched the $20-per-share offer in friendly terms and proposed a negotiated transaction with Homestake management.

Occidental Petroleum Corp. said Monday that its fourth-quarter profit fell 10% on currency losses affecting a Thai petrochemical joint venture, among other factors, and Atlantic Richfield Co. reported a slight rise in its quarterly profit as better refining margins more than made up for lower oil prices. Los Angeles-based Occidental reported profit from operations of $143 million, or 34 cents a diluted share, down from $159 million, or 41 cents, in the year-earlier period.