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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: robnhood who wrote (133268)11/7/2001 2:12:13 PM
From: robnhood  Read Replies (1) of 436258
 
<<<-- =DJ Apache Unwinds Most Gas Hedges; Cites Enron Uncertainty --


By Christina Cheddar
Of DOW JONES NEWSWIRES

NEW YORK (Dow Jones)--Over the last few days, Apache Corp. (APA) has unwound
nearly all of its hedges on natural-gas prices due to concerns about what would
happen to the marketplace for energy derivatives if Enron Corp. (ENE) collapsed.
According to Tony Lentini, a spokesman for the Houston natural-gas producer,
many of the hedges were established to lock in the value of acquisitions the
company made.
Apache unwound all but one hedge, a transaction that involved Enron and other
parties, Lentini said.
Apache has a gain of about $70 million from the various transactions, but the
company hasn't determined yet how the gain will be accounted for in its
financial results, the spokesman said.
Apache has been an outspoken critic of the merchant energy trading because of
the company's perception that the system is underregulated and creates excessive
energy price volatility.
-Christina Cheddar, Dow Jones Newswires; 201-938-5166;
christina.cheddar@dowjones.com >>>
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