Southern Union offers to buy Southwest Gas

Article Abstract:

Las Vegas-based Southwest Gas Corp. would probably like to be acquired by Southern Union Co. for about $970 in stock, an offer that bests the $863.6 million offer of Oneok Inc. It would cost Southwest Gas $30 million to terminate the transaction that has already begun with Oneok. Analysts feel Oneok could better handle the $800 million in debt an acquirer would inherit.

Comment:

Company has two bidders to acquire it, Oneok and Southern Union

Asset sales & divestitures, Gas Utilities, Natural Gas Distribution, Gas Production and Distribution, Mergers, acquisitions and divestments, Southwest Gas Corp., SWX

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Arco and Chevron to combine oil assets in Permian Basin in 50-50 joint venture

Article Abstract:

In the region of the Texas Panhandle, the Permian Basin, Atlantic Richfield and Chevron Corp. will form a joint venture to operate the maturing 'assets.' Headquartered in Midland, TX, 7,000 wells produce over 170,000 barrels of oil equivalents per day. The two companies employ about 850 people there and, after approvals, plan to cut the workforce by about 15% or 20%.

Comment:

Company will share the assets in Texas Panhandle with Arco

Joint ventures, PETROLEUM AND COAL PRODUCTS, Petroleum, Petroleum and Coal Products Manufacturing, Petroleum industry, Atlantic Richfield Co., ARC, CHV, Chevron Corp.

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