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EEX to merge with Newfield, CMS to sell E&P unit. EEX Corp. has entered into a definitive merger agreement with Newfield Exploration Corp. Tom Hamilton, Chairman, President and CEO of EEX said, "This merger combines two strong onshore U.S. production companies and will provide significant economies of scale in their operation. The combined companies will have the strong balance sheet necessary to realize the potential value represented by EEX’s Llano area assets and Gulf of Mexico deep prospect exploration inventory." The transaction is expected to close in third-quarter 2002. Meanwhile, CMS Energy Corp. plans to put its E&P unit, CMS Oil and Gas Co., up for sale, and exit the upstream business. CMS said it expects to conduct a competitive auction process and will provide details to interested parties in the near future. Proceeds from the sale will be additive to the firm’s total $2.4 billion of cash proceeds from sales, securitization proceeds and LNG monetization, which will go toward its $2.9-billion asset optimization goal by year-end 2002.
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