July 15, 1986
The Houston-based oil and gas firm said the change, which reduced its retained earnings at the end of 1985 by $139 million but increased its first-quarter results, resulted from a change in its accounting method. Texas Eastern also said it might have to cut its 55-cents-per-share quarterly dividend because of the collapse in oil prices. Earnings for the first quarter of 1986 were restated to $37 million from the $6 million reported earlier.
January 30, 1989 |
Texas Eastern Corp.'s board of directors unanimously rejected Sunday a $2.6-billion cash offer from Coastal Corp., calling it "clearly inadequate." Coastal announced Jan. 16 that it was making a cash tender offer of $42 a share for all of Texas Eastern's outstanding common shares. Since then, Texas Eastern's stock has soared, closing Friday at $48 a share. The tender offer is set to expire on Feb. 14.
March 11, 1989 |
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.
November 25, 1985
Houston-based Texas Eastern Corp. named Frank Mapel executive vice president-marketing sales and development in its Petrolane subsidiary. He is based in Long Beach.