UIL CEO “Disappointed” by Phila. Gas Works Deal Abortion
We’re left with one, very strong recommendation, after the abortion of the deal to sell Philadelphia Gas Works (PGW) to UIL Holding, a Connecticut utility company: Philadelphia City Council members need to be investigated to see whose pockets have gotten fatter since the deal was aborted. The head of UIL has spoken on the record about the deal for the first time. In an interview last Friday, UIL CEO James Torgerson said he had met privately “multiple times” with all but two (of 17) Philly City Council members and by his count 9 of them would have voted “yes” on a deal to sell PGW to UIL. The only conclusion we can reach is that money has changed hands to stop the deal from going forward. What other conclusion can a sane, rational, thinking person reach? It’s time for an investigation–in particular of Councilwoman Marian Tasco, who refused to meet and talk with UIL even once. Tasco chairs the Philadelphia Gas Commission. Too bad Pennsylvania’s Attorney General, Kathleen Kane, refuses to investigate people from her own party. We say it’s time for a special prosecutor to be appointed…
Read More “UIL CEO “Disappointed” by Phila. Gas Works Deal Abortion”

As we’ve been saying for some time, WPX Energy, the spun off but totally independent exploration & production company that was once part of midstream giant Williams, has been looking to exit the Marcellus stage left (see
That was fast. Last week MDN told you the scuttlebutt that the second largest oilfield services company in the U.S., Halliburton, was “in talks” to buy the third largest oilfield services company in the U.S., Baker Hughes (see
The biggest news to hit the oil and gas industry in recent memory happened yesterday. The financial press lit up (and ran HUNDREDS of stories) about the leak/announcement/news that oilfield services company Halliburton is “in talks” to buy out rival Baker Hughes. The largest oilfield services company in the U.S. (and in the world) is Schlumberger, followed by Halliburton (again, in both the world and in the U.S.). Baker Hughes (BH) is the fifth largest oilfield services company in the world, but #3 in the U.S. Halliburton’s market capitalization this morning–price per share times outstanding number of shares–is $47.65 billion. Baker Hughes’ market cap is $26.59 billion, up $5 billion since yesterday afternoon when the news broke. Combined, the two companies would be worth $74.24 billion and employ (if there are no layoffs) 144,000 people. Schlumberger’s market cap, by comparison, is $127.62 billion with 126,000 employees. Both Halliburton and BH are heavily involved in providing all sorts of services (rigs, fracking, logistics, etc.) for exploration & production companies in both the Marcellus and Utica, as well as every other major shale play in the U.S. AND in every conventional play around the world…