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Texas Eastern was one of the major competitors in the post-war industry. The company's origins were ...
Texas Eastern was one of the major competitors in the post-war industry. The company's origins were unique. Early in 1947, a group of entrepreneurs led by Herman and George R. Brown, founders of the Brown & Root construction firm, purchased the Big Inch and Little Big Inch pipelines from the U.S. government, which had built them to transport crude oil and petroleum product vital to the war effort. By converting these pipelines to the transportation of natural gas, the founders of Texas Eastern got in on the ground floor of a dynamic industry.
With full access to company files, Christopher J. Castaneda and Joseph A. Pratt follow the company from its creation in 1947 to its purchase by Panhandle Eastern Corporation in 1989. During this period, Texas Eastern's strategy focused on expansion of its natural gas system and diversification into other related industries including liquefied natural gas sales, North Sea oil and gas production, and Houston real estate.
In the 1970s and 1980s, the company faced a series of
challenges from the energy crisis, the deregulation of natural gas, and the hostile takeover movement in the energy industries. By the late 1980s, the process of diversification had come full circle, as the company sold off subsidiaries and refocused on the transmission of natural gas as a part of Panhandle Eastern's vast system.
|List of Illustrations|
|List of Maps|
|List of Tables and Charts|
|Pt. 1||The Entrepreneurial Era, 1941-54|
|1||The Inch Lines||13|
|2||The Winning Bid||33|
|3||Creation of a Gas Company||54|
|4||Race for Eastern Markets||76|
|Pt. 2||The Lure of Diversification, 1954-71|
|5||Constrained Expansion of the Gas System||101|
|7||From Texas to the North Sea||156|
|8||The Leap into Houston Real Estate||173|
|Pt. 3||The Limits to Strategy, 1971-89|
|9||Responses to Gas Shortages||191|
|11||Refocusing on the Core||244|
|Epilogue: Acquisition Endured||256|
Posted March 6, 2001
This book takes you from the birth of Texas Eastern Corp. to the company's purchase by Panhandle Eastern Corp., giving a complete history of the various diversification ventures along the way. The book provides a unique history not only of Texas Eastern Corp., but of the financial and political difficulties gas transmission companies faced while constructing their interstate pipelines and securing sources of gas. As competing companies were racing to reach the northeastern markets first, the reader gets a brief history of other gas transmission companies such as Columbia, Tennessee, Algonquin, and others. Anyone who has an interest in gas transmission would enjoy this rare history of a company whose core business was natural gas transmission.Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.