CORRECTION: Chevron ANNOUNCES Natural Gas Discovery and 1 Dow Mover Making Waves
United Technologies Corp. (NYSE:UTX) is selling Pratt & Whitney Rocketdyne to GenCorp, Inc. (NYSE:GY) for $550 million. The acquisition price is subject to adjustment for working capital and other specified items, and should be financed with cash on hand along with issuance of debt. The purchase of Pratt & Whitney is contingent upon the usual regulatory approvals and closing conditions. The transaction is expected to close in the first half of next year, and is projected to be accretive to earnings in the first year.
Chevron Corporation (NYSE:CVX) reports a natural gas discovery by its Australian subsidiary in the Greater Gorgon Area of the Carnarvon Basin, which lies offshore to Western Australia. This particular well is located in the WA-37-L permit area in the Greater Gorgon Area gas fields, about 40 miles northwest of Barrow Island, and was drilled in 690 feet of water to a total depth of 16,581 feet. The Pontus-1 exploration well encountered around 97 feet of net gas pay. Chevron Australia, the operator of WA-37-L, holds a 47.3 percent investment in the permit, with Exxon Mobil and Shell Development Australia (RDS.A) both with 25 percent. Osaka Gas holds 1.25 percent, Tokyo Gas 1 percent and Chubu Electric Power holds around 0.42 percent.
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