July 23, 2002 |
Pacific Energy Partners, an oil-pipeline operator controlled by billionaire Philip Anschutz, managed to float an initial public stock offering Monday despite Wall Street's latest plunge. But the total amount raised, $167.7 million, was less than what Anschutz had hoped for. Long Beach-based Pacific Energy sold 8.6 million units at $19.50 apiece, fewer than the 9.1 million units the company initially planned to sell. Also, the price was below the company's initial target of $20.50 per unit.