ENERGY WATCH - Williams sells travel centers for $189m
cbs.marketwatch.com By CBS.MarketWatch.com Last Update: 4:28 PM ET Feb. 27, 2003
TULSA, Okla. (CBS.MW) -- Williams Cos. announced Thursday that it's completed the sale of its retail travel center operations to Pilot Travel Centers for $189 million. EARNINGSWATCH Gap reverses year-ago loss, hits Wall Street target Gold prices drop to one-week low on stronger dollar Novellus holds first-quarter targets steady Univision sees Q4 topping views Free! Sign up here to receive our SiteWatcher e-Newsletter!
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The deal includes 60 travel centers and their working inventories in 15 states, Williams said.
The company (WMB: news, chart, profile), which is primarily engaged in the exploration, processing and transport of natural gas, said about 1,500 people were working for Williams TravelCenters when the transaction closed.
The former corporate office for the operations will remain open for portions of March and April for certain employees providing transitional services, Williams said.
The firm's only remaining retail petroleum assets consist of 29 convenience stores in Alaska. Those stores are up for sale under Williams' plan to divest its North Pole, Alaska refining operations.
Shares of Williams closed up 13 cents at $3.85.
Valero L.P. sees Q1 profit below target
Valero L.P. said Thursday that lower refinery runs would weigh on its first-quarter earnings.
The company (VLI: news, chart, profile), a master limited partnership 73-percent owned by Valero Energy (VLO: news, chart, profile), expects first-quarter earnings of 55 cents per unit, below the current average estimate of two analysts polled by Thomson First Call for a profit of 69 cents per unit.
The San Antonio owner and operator of oil pipelines said it continues to expect a sequential decline in average pipeline and terminal throughput levels due to lower refinery runs at certain facilities in January and early February.
Valero L.P. also cited reduced crude oil availability due to the oil worker's strike in Venezuela.
It expects pipeline and terminal throughput levels to return to normal levels for the remainder of 2003. The stock closed at $37.98, down 52 cents.
PG&E posts $2.2 billion loss in Q4
PG&E Corp. lost $2.2 billion in the fourth quarter, as revenue fell and operating expenses leaped 60 percent, the utility operator said Thursday.
PG&E (PCG: news, chart, profile) said it lost $5.75 a share, the result of $2.4 billion worth of asset impairments in the merchant power-generation unit of the PG&E National Energy Group. In the comparable period a year ago, the utility earned $520 million, or $1.45 a share.
See full story.
Oil prices ease back from 12-year high
Crude futures soared to a fresh 12-year high before easing back Thursday, as traders maintained a high degree of wariness over the latest developments regarding a possible war with Iraq.
The pull-back in prices also weighed on many oil company shares.
See Futures Movers and Energy Stocks.