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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
---------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
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Date of Report: September 9, 1996
Date of Earliest Event Reported: September 9, 1996
PANENERGY CORP
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of
incorporation)
1-8157
(Commission File
Number)
74-2150460
(I.R.S. Employer
Identification Number)
5400 Westheimer Court
P.O. Box 1642
Houston, Texas 77251-1642
(Address, including zip code, of principal executive office)
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Registrant's telephone number, including area code:
(713) 627-5400
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Item 5. Other Information.
Forward - Looking Statements
In order to keep its shareholders, the investment community and the
public informed about PanEnergy Corp ("PanEnergy") and its subsidiaries
(collectively, the "Company"), PanEnergy, from time to time, issues statements,
either written or oral, that may contain forward-looking information, including
projections, estimates, forecasts, plans and objectives. Although PanEnergy
believes that all such statements are based upon reasonable assumptions, no
assurance can be given that the actual results will not differ materially from
those contained in such forward-looking statements. PanEnergy makes
forward-looking statements in reliance on the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995 (the "Act").
As required by the Act, PanEnergy identifies the following factors that
could cause the actual results to differ from PanEnergy's forward-looking
statements:
1. In the Company's natural gas transmission group, utilization of the
Company's pipelines depends primarily upon natural gas prices,
competition from other pipelines and alternative fuels, and weather
conditions affecting the use of natural gas. Pipeline utilization can
also be affected by operating conditions on either the Company's
systems or on the facilities of others. The Company's pipelines also
bear the risks and uncertainties of any future impact of federal and
state regulation of the business of the pipelines or of their
customers, including allowed cost recovery and rates of return, as well
as terms and conditions of service, including regulatory initiatives
(such as Order 636 of the Federal Energy Regulatory Commission or
customer unbundling initiatives at the state level) designed to
increase competition among producers, marketers and transporters of
natural gas.
2. The results of the Company's energy services group can be
substantially affected by a number of factors. Competition and changes
in price and production levels can significantly affect the margins
realized by the Company in both its Field Services Group and its Gas
and Power Services Group. The energy services group also bears the
risks and uncertainties (including potential future federal or state
regulatory initiatives) of developing new markets, services and
products and competing effectively with respect to these markets,
services and products. Results of this group can also be impacted by
the success of the Company in implementing hedging strategies and in
acquiring other assets and businesses, and integrating such assets and
businesses into its existing operations.
3. Virtually all of the Company's operations are subject to the risks
and uncertainties of general economic conditions (nationally, in
specific regions of the United States, and internationally), the
outcome of pending and/or potential legal and regulatory proceedings,
changes in environmental, tax, labor and other laws and regulations to
which the Company is subject, and the condition of the capital markets
utilized by the Company to finance its operations.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PANENERGY CORP
By: /s/ Carl B. King
Carl B. King
Senior Vice President and General Counsel
Date: September 9, 1996
MMH/jab
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