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Tuesday, 02 December, 2008, 04:20 GMT | more >>

Dominion selloffs get FTC nod



By Upstream staff 

US antitrust authorities said today they had approved plans by West Virginia-based Dominion Resources to sell most of its remaining gas and oil exploration and production operations to Loews Corporation and XTO Energy.

Officials have completed their investigation of the deals, which together are valued at about $6.5 billion, without taking action to block them, the Federal Trade Commission (FTC) said in a notice, Reuters reported.

Loews, a conglomerate with other energy investments, has agreed to pay about $4.03 billion for Dominion's gas assets in the Permian basin in Texas as well as in Michigan and Alabama.

XTO, a natural gas producer, will pay about $2.5 billion for the operations in the Rocky Mountains and South Texas region, including the Gulf Coast, San Juan Basin and Louisiana.


Tuesday, 17 July, 2007, 17:22 GMT  | last updated: Tuesday, 17 July, 2007, 17:22 GMT

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