Finance History|11 Wall Street — Twenty-Two and Three Eighths After Enron Let Go
· 1999-8
Unreviewed contributionBy kevin · · Report an issue
Find memories left by people near you.
Distribute Bounty
This will distribute the bounty equally among all qualifying memories. This action cannot be undone.
Cancel Bounty
Are you sure you want to cancel this bounty? The remaining amount will be refunded to your account.
Success!
Operation completed successfully.
Error
Something went wrong.
Finance History|11 Wall Street — Twenty-Two and Three Eighths After Enron Let Go
kevin
People treat EOG Resources as a Houston explorer that always printed EOG after a finished independent book.
The August 1999 issuer was still Enron Oil and Gas Company, already listed on the New York Stock Exchange under EOG. Enron Corp. owned about 82.27 million of the shares, a majority stake.
A joint release dated 20 July 1999 said Enron would exchange 62.27 million of those shares for EOG's China and India operations. The EOG board would be reconstituted and Enron officers would leave it.
The prospectus dated 10 August 1999 offered 27 million shares by the company and 4 million by Enron. It recorded the last reported sale of EOG common on 10 August 1999 at 22.375 dollars in 1999 currency. The ticker on the New York Stock Exchange was already EOG.
EOG's Form 10-K for 1999 and an 8-K dated 31 August 1999 say the share exchange closed on 16 August 1999. EOG transferred the India subsidiary, which held the China and India books plus about 600 million dollars in cash that EOG had just contributed.
Enron's remaining interest was cut to 20 million shares, then further reduced by a secondary sale and by notes exchangeable into EOG stock. The mechanism is a listed subsidiary buying back its parent's control block with foreign assets and cash, not a first-time initial offering.
On 30 August 1999 the Delaware name change from Enron Oil and Gas Company to EOG Resources, Inc. took effect. The ticker stayed EOG.
The pin is the Broad Street facade of the Exchange. Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
changes?
delete this memory?
We detected that you have a Blox in your crypto wallet! We will import the Blox into your account.
Click on done below to complete the import.
Welcome Back!
Sign in to preserve cherished moments
Don't have an account?
Welcome!!
Sign up and start preserving cherished moments
?
?
Choose your payment method
Buy with Metablox Credit
Do you want to mint Blox with Metablox Credit?
Which Crypto would you like to use?
Purchase Confirmed!
Your Blox is being minted on-chain and will appear in your profile shortly.
Log in or sign up to claim your Blox.
How many credits do you want to buy?
$100 USD = 1 Metablox Credit = 1 Blox.
Use Metablox Credit to mint any Blox you want on the map.
expand_more