Transco Quits Field: Transco Energy Co., getting...

Transco Quits Field: Transco Energy Co., getting out of the oil-production business, said a subsidiary would sell oil and gas reserves in the Gulf of Mexico to Amerada Hess Corp. for $911 million, far more than had been expected. The sale by Transco Exploration Partners Ltd., including 41 gas fields, three oil fields and shore-based support facilities, is expected to close by the end of September. Transco Exploration, 74% of which is owned by Houston-based Transco Energy, is being liquidated so the parent company can concentrate on its core business of transporting natural gas through a 16,000-mile pipeline network.