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Trunkline Gas Co LLC history
Trunkline Gas Co LLC company history timeline
True to this philosophy, Panhandle Eastern founded Andarko Production in 1959, to develop leases on more than 500,000 acres of land in the gas-laden Andarko basin, which is spread over portions of Texas, Oklahoma, and Kansas.
In 1960 Panhandle Eastern formed National Helium Corporation in a joint venture with National Distillers & Chemical Corporation, a company in which Panhandle Eastern owned a minority stake.
In 1977 it had entered into an agreement to buy Algerian liquefied natural gas from Entreprise Nationale Sonatrach (Sonatrach), the Algerian national energy company.
In 1979 Panhandle Eastern joined with ten other pipeline companies in proposing a giant pipeline project that would bring natural gas down from the fields in Alaska’s Prudhoe Bay.
Delivery was scheduled to begin in 1981.
O’Shields was succeeded by Robert D. Hunsucker in 1982.
In 1983, caught between upward cost pressure from Sonatrach and downward price pressure from customers, Panhandle Eastern unilaterally suspended its contract with Sonatrach.
In 1986 Wagner & Brown, an oil and gas firm owned by Texas wildcatters Cyril Wagner Jr. and Jack E. Brown, offered $2.3 billion, 60% in cash and the remainder in preferred stock for Panhandle Eastern, only to be turned down.
In 1989, however, Panhandle Eastern acquired 81% of Texas Eastern Corporation stock for a total of $2.61 billion in cash.
Hunsucker retired in 1990 and was succeeded by Philip Burguieres.
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Trunkline Gas Co LLC may also be known as or be related to Trunkline Gas Co LLC, Trunkline Gas Company and Trunkline Gas Company LLC.