Midland Affliated Co. Agrees In Principle To Acquire Federal Barge

Eastern Gas and Fuel Associates and Houston Natural Gas Corporation announced recently that Eastern's wholly owned marine subsidiary, Midland Affiliated Company, has agreed in principle to acquire Federal Barge Lines Inc., a wholly owned subsidiary of Houston Natural.

A formal agreement is expected to be completed by December and will be subject to approval by the boards of both Eastern and Houston Natural.

The purchase price was not disclosed.

Midland, headquartered in Cincinnati, operates on the inland waterways carrying commodities, principally coal, on the Ohio, Illinois and Mississippi Rivers as well as the Gulf of Mexico. Total tonnage carried in 1984 should exceed 35 million tons. Federal, headquartered in St. Louis, operates mainly on the Mississippi River, with grain and coal comprising the bulk of an estimated six million tons carried in 1984.

Boston-based Eastern Gas and Fuel Associates is the parent organization of several energy-related companies engaged in coal production, natural gas distribution, inland marine transportation and oil and gas distribution, inland marine transportation and oil and gas development.

For the nine months ended September 30, 1984, Eastern's revenues totaled $1.0 billion and net income was $51.5 million.

HNG owns the largest intrastate pipeline in the country with about 5,300 miles of pipeline crisscrossing Texas and is actively engaged in oil and gas exploration, development and production. For the year ended July 31, 1984, revenues from continuing operations totaled $2.1 billion and net income was $122.1 million.

Maritime Reporter Magazine, page 5, Dec 1984

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