Also, Pacific Enterprises, the Southern California utility, recently said it planned to sell its three sporting-goods chains.

But, when the prices were sinking, Pacific Enterprises suddenly discovered it was having difficulty finding new supplies.

Pacific Enterprises lost 3 5/8, to 34 7/8, amid concerns about its dividend.

He said he was in the water with the 21 others about 10 minutes when they were picked up a sister ship, the Pacific Enterprise.

He joined Pacific Enterprises in 1984 as executive vice president and general counsel, rising to president in 1986.

Company officials said the proposed buyout fitted Pacific Enterprises' goal to raise its non-utility income to 50 percent of earnings by 1992.

Analysts said Pacific Enterprises would be paying about $10 a barrel for Sabine's reserves.

He served as assistant general counsel for Pacific Enterprises from 1975 to 1981.

Meanwhile, Pacific Enterprises was looking to expand its gas business.

Pacific Enterprises said it wanted to sell its interest in oil and gas reserves located off the coast of the Netherlands.