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The FTC allowed the $16 billion merger of El Paso Energy Corporation and the Coastal Corporation after requiring the companies to divest their interests in 11 natural gas pipeline systems totaling more than 2,500 miles of pipe. The agreement provides for the divestiture of the proposed Gulfstream pipeline in Florida to a new purchaser - restoring competition to pre-merger levels and assuring future competition for natural gas transportation into the state. The agreement also provides for divestiture of El Paso and Coastal interests in existing natural gas pipelines serving customers in New York State and the Midwest. In addition, it would restore competition in the Gulf of Mexico by requiring the divestiture of seven pipelines and establishing a development fund for the purchaser of El Paso's Green Canyon and Tarpon pipelines to cover the costs of extending these pipelines to specified areas in the Gulf where El Paso and Coastal pipelines are significant competitors. Under the FTC’s Order, El Paso Energy divested certain pipelines in the Gulf of Mexico to Williams Field Services and established a $40 million development fund for Williams to use to build a pipeline or related facility. The Commission later modified its order to remove the requirement that El Paso maintain the development fund.
The Commission issued an administrative complaint to block CCS Corporation’s proposed $85 million acquisition of Newpark Environmental Services. According to the complaint, the proposed transaction was anticompetitive because it would consolidate two of the leading providers of waste disposal services for the offshore oil and natural gas exploration and production industry in the Gulf Coast Region, leading to higher prices and decreased service levels. In response to the complaint, CCS, a subsidiary of Red Sky, threatened to close down its operations in the Gulf Coast should the acquisition not receive the necessary regulatory approvals. The Commission filed for a preliminary injunction, and temporary restraining order in federal court. As a result, the parties abandoned the transaction, and the Commission dismissed its administrative complaint.
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