Energy firm Mirant mulls possible sale

/ Source: The Associated Press

Energy company Mirant Corp. said Monday it will explore strategic alternatives to grow shareholder value, including a possible sale.

Mirant is currently selling its business in the Philippines, six U.S. natural gas-fired plants and its Caribbean operations. All of the transactions are expected to close this year.

Mirant said it will consider returning excess cash from sale proceeds to stockholders, or signing a deal with another company, including a possible merger. The company doesn't expect to consider making an acquisition.

J.P. Morgan is serving as Mirant's financial adviser.

Last month, the international energy company said annual earnings improved to a profit of $1.86 billion, or $6.28 per share, from a loss of $1.31 billion, or $4.36 per share in 2005. Adjusted for special items, the company said it earned $644 million, or $2.17 per share, in 2006.

Revenue fell to $3.1 billion from $4.18 billion in 2005.