Finance/Companies news briefs, Oct. 20
ABB Vetco Gray � Yellowstone Energy Products � St. Mary Land & Exploration � Colt Resources � JN Exploration & Production � Paper, Allied-Industrial, Chemical, and Energy Workers International Union � Crown Central Petroleum � Chevron � Texaco � Shell Australia � ExxonMobil � Sinopec
ABB Vetco Gray Inc., a unit of Switzerland's ABB Group, is selling its Grayloc Connector division to Yellowstone Energy Products for an undisclosed amount. The divestiture is part of ABB's ongoing strategy to divest non-core businesses to pursue high technology and knowledge-based products and services. The division manufactures the Grayloc connector, used in a wide range of pipe connections for high temperature and critical service applications.
St. Mary Land & Exploration Co. has agreed to acquire several oil and gas properties primarily located in the Anadarko Basin of Oklahoma from Colt Resources Corp. and JN Exploration & Production LP for $37.2 million cash. The acquisition is effective Sept. 1, 2000 and is expected to close in late December upon completion of customary due diligence.
Labor union Paper, Allied-Industrial, Chemical, and Energy Workers International Union (PACE) said PACE local 4-227 members rejected the pact that would have settled the union's disagreement with Crown Central Petroleum Corp. A tentative agreement was announced earlier this month that would have ended the 4 1/2-year lockout at Crown's Pasadena, Tex., refinery (OGJ Online, Oct. 12, 2000). PACE said it is evaluating its position regarding the matter.
Chevron Corp. and Texaco Inc.'s recent merger proposal has altered the power balance within the Gorgon gas/condensate field joint venture off the northwest coast of Western Australia. Chevron and Texaco each hold a two-sevenths interest in the proposed project, so the combined four-sevenths would hold sway over the other interests in the joint venture. Shell Australia Ltd. owns two-sevenths, while the remaining one-seventh interest is owned by ExxonMobil Corp.
ExxonMobil Corp. affiliate ExxonMobil Far East Holdings Ltd. has purchased about 19% of China Petroleum & Chemical Corp. (Sinopec)'s initial public offering. Sinopec stock began trading Wednesday on the New York Stock Exchange.