Coastal's business is a gas. The Houston-based energy holding company's primary operations consist of natural gas marketing, transmission, and storage; petroleum refining and marketing; petrochemicals; oil and gas exploration; and coal mining.
The lion's share of Coastal's earnings comes from the transmission and storage of natural gas. Its ANR Pipeline subsidiary operates 14 gas processing plants, 27 underground storage facilities, and about 18,000 miles of pipeline that links gas fields in the Gulf of Mexico, the Rockies, and the mid-continent region with its primary markets in Illinois, Michigan, and Wisconsin. Coastal's exploration and production unit has interests in more than 3,000 producing wells, mostly in South Texas and in the Gulf of Mexico; it also has agreements to exploit reserves in Australia, Indonesia, and Venezuela. Coastal owns four refineries and sells gasoline in 36 states through 1,700 Coastal-branded retail outlets.
The company is continuing a tradition started by controversial founder Oscar Wyatt of venturing into the troubled Mideast -- where others fear to tread -- striking a deal with Saddam Hussein to buy crude as part of Iraq's oil-for-food agreement with the UN.
Thought some of you might be interested!
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