Calgary, Alberta – Anadarko Petroleum Corp., a U.S. oil company that spent almost $21 billion buying two rivals last year, is selling natural-gas fields in Colorado and Wyoming, according to investment bank Tristone Capital Inc.
Anadarko, based near Houston, plans to sell stakes in four fields with about 40 million cubic feet of daily gas output, the Calgary-based bank said on its website.
Colorado fields include the Tear Drop and Great Divide in the Sand Wash Basin in the northwest corner of the state. Also included are facilities used to remove sulfur from the gas at a Wyoming field.
Additional business news briefs:
NEW YORK
Fed’s rate cut sends oil prices past $82
Oil futures rose to new records Tuesday after the Federal Reserve cut interest rates by a larger-than-expected half percentage point, raising market hopes that economic growth will accelerate and lift demand even as crude oil and gasoline inventories are tight.
A barrel of crude surged to a new trading high of $81.90 on the New York Mercantile Exchange in the moments immediately after the Fed’s decision. While light, sweet crude for October delivery settled at $81.51 a barrel, up 94 cents, prices continued to rise after the Nymex closed, hitting $82.38 in afternoon electronic trading.
FORT COLLINS
Riverside Tech wins contract with NOAA
Riverside Technology Inc. won a contract worth as much as $115 million from the National Oceanic and Atmospheric Administration.
Riverside, based in Fort Collins, will provide technical support, systems engineering and engineering services for NOAA’s satellite and information services on a one-year contract with four additional one-year options.
CHICAGO
United’s workforce shrinking, stats show
United Airlines’ workforce fell to about 51,700 full-time equivalent employees in July, from 53,000 a year earlier, according to the Bureau of Transportation Statistics.
Frontier Airlines’ full-time equivalent employee count grew to about 5,100, from 4,500 in July 2006. Overall U.S. airline employment grew 2.6 percent in July compared with the year-ago month.
LAKEWOOD
Casinos’ monthly proceeds outpace ’06
Colorado’s mountain casinos saw a 4.65 percent increase in revenue in August, according to data released Tuesday by the Division of Gaming.
The state’s 44 mountain casinos posted adjusted gross proceeds – which are total bets minus payouts – of $72 million, up from $68.8 million in August 2006.
LAKEWOOD
Solera finishes IPO, raises $22 million
Solera National Bancorp Inc., the parent company of Solera National Bank, announced that it has completed its initial public offering raising over $22 million.
Proceeds of the offering capitalized its new banking subsidiary, Solera National Bank at 319 S. Sheridan Blvd. in Lakewood. The bank commenced operations Sept. 10.
TORONTO
Struggling Coventree to close Denver site
Coventree Inc., Canada’s biggest issuer of non-bank asset-backed commercial paper, will slash its workforce by 30 percent and close an office in Denver after failing to roll over most of its short-term debt.
Coventree had 76 full-time employees as of June 30, according to a regulatory filing, including six in Denver.
