KeySpan to sell Houston Exploration shares for $369M - November 28, 2004

Providing coverage of Alaska and northern Canada's oil and gas industryNovember 2004

Vol. 9, No. 48

Week of November 28, 2004

KeySpan to sell Houston Exploration shares for $369M

Ray Tyson

Northeast U.S. natural gas distributor KeySpan said Nov. 19 that it agreed to sell the company’s remaining 6.6 million shares of The Houston Exploration Co. for about $369 million, or $56.25 per share.

Following the transaction, KeySpan would no longer have any ownership interest in Houston Exploration, KeySpan said, adding that investment bank Morgan Stanley will be the sole underwriter for the transaction.

KeySpan is the largest distributor of natural gas in the Northeast with 2.5 million customers, operating regulated natural gas utilities in New York, Massachusetts and New Hampshire which do business as KeySpan Energy Delivery.

Houston Exploration is an exploration and production independent based in Houston, Texas.

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