GPM GAS TO ACQUIRE TWO ENRON AFFILIATES.HOUSTON--(BUSINESS WIRE)--Nov. 18, 1994--GPM Gas Corp. has signed definitive agreements to acquire all of the stock of two subsidiaries of Enron Corp. The acquisition will take place following transfer to the subsidiaries of certain Anadarko Basin The Anadarko Basin is one of the most prolific natural gas reserves in North America, with ultimate gas production in excess of 100 trillion cubic feet of gas.[1] External links
References 1. area gas gathering assets now owned by Northern Natural Gas Company and Transwestern Pipeline Transwestern Pipeline is a natural gas pipeline which brings gas from the San Juan Basin and Permian Basin to either California and Arizona or to the Oklahoma panhandle. It is owned by CrossCountry Energy Corporation. Its FERC code is 42. Company, also affiliates of Enron Corp. Terms of the transaction were not disclosed. Northern Natural and Transwestern already have filed with the Federal Energy Regulatory Commission The Federal Energy Regulatory Commission (FERC) is the United States federal agency with jurisdiction over electricity sales, wholesale electric rates, hydroelectric licensing, natural gas pricing, and oil pipeline rates. (FERC FERC Federal Energy Regulatory Commission FERC FEMA Emergency Response Capability ) to transfer their Anadarko area natural gas gathering system assets to the two new subsidiaries whose stock GPM GPM - General Purpose Macro-generator will acquire. The gathering systems are primarily located in the Texas and Oklahoma Panhandles, extending to three counties in Kansas This is a listing of counties in the U.S. state of Kansas. Kansas has 105 counties, the sixth-highest total of any state. Every license plate issued by the state contains the abbreviation for the county in which its vehicle is registered. No Kansas county has two words in its name. and seven counties in far western Oklahoma. The two Enron systems gather approximately 365 million cubic feet per day from over 2,300 active meter stations. The purchase will add approximately 4,000 miles of gathering pipelines and 34 compressor stations to GPM's gathering systems in the Panhandle. The transaction does not include any interstate transmission pipelines or processing facilities. The transaction will increase GPM's Panhandle region raw gas production from 450 to about 800 million cubic feet per day and natural gas liquids production from 40,500 to as much as 47,800 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. . "The acquisition provides us with excellent opportunities to optimize GPM's gathering system efficiencies, providing added benefits and services to the producers in the area," said John Lee, vice president for GPM's Panhandle region. The transfer of the assets to the new Northern Natural and Transwestern affiliates will require approval of FERC. The stock acquisition by GPM is subject to Hart Scott Rodino review. Completion of the stock acquisition by GPM is anticipated by the fourth quarter of 1995, following all necessary governmental action. GPM Gas Corp., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Phillips Gas Company, is headquartered in Houston. GPM operates 21 gas processing facilities in Texas, Oklahoma and New Mexico that process about 1.5 billion cubic feet of gas per day. GPM operates about 21,000 miles of both high- and low- pressure gas gathering systems. GPM markets approximately 940 million cubic feet of residue gas per day to local distribution companies, industrial customers and other end users in the major gas markets across the United States. CONTACT: GPM Gas Corp. Ann Clayton, 918/661-7605 |
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