May 24, 2001 |
The head of a Houston energy company denied driving California natural gas prices to unprecedented levels and testified Wednesday that his firm actually passed up an opportunity to make nearly $700 million in additional profits. But the company still earned a net profit of $184 million on an initial investment of $38.5 million, according to testimony by El Paso Merchant Group President Ralph Eads in a trial-like hearing before the Federal Energy Regulatory Commission.
CALIFORNIA | LOCAL
May 11, 2001 |
At the signal from oil wildcatter F. Lynn Blystone, roughnecks opened the valve of a greasy well rig, and with an earsplitting screech, a fat jet of natural gas blasted plumes of dust from the fields outside this San Joaquin Valley town. City officials covered their ears and dropped their jaws. "That's the sound of money, loud and powerful," said Delano City Manager Adela Gonzalez.
May 3, 2001 |
Kinder Morgan Energy Partners and Calpine Corp. plan a $1.7-billion pipeline that could deliver natural gas to energy-starved California as soon as 2003. The line, which requires federal approval, would be able to move 750 million cubic feet of natural gas a day, and may eventually be expanded to move 1 billion, the companies said. California, which is in the midst of an electricity shortage, is dependent on natural gas to fuel many of its power plants.
June 29, 1994 |
Unocal Corp. said Tuesday that it is negotiating to sell its California oil and natural gas assets, a divestment that would sever 103-year-old ties to oil fields that helped make it one of the world's largest oil companies. Los Angeles-based Unocal said three outside companies have made offers for the California exploration and production assets, which include 69 oil and gas fields. Unocal said it is considering selling the assets in order to concentrate on larger overseas opportunities.
June 4, 1991
Benton Oil & Gas Co. in Ventura said it bought an additional 13.3% working interest in the West Cote Blanche Bay Field, an energy field off the southern Louisiana coast, for about $9.5 million in cash and securities. Benton, which bought the additional stake from four private companies and their affiliates that Benton did not identify, now controls about a 42% working interest in the field.