Houston-based Pennzoil Co. announced plans to pay...

Houston-based Pennzoil Co. announced plans to pay $250 million in cash for an oil field equipment company, but said the purchase had nothing to do with the $3 billion it recently received to settle its four-year legal battle with Texaco Inc. Under the agreement, which was unanimously approved by the board of directors of Facet Enterprises Inc., a cash tender offer of $32 per share by a newly created Pennzoil subsidiary will commence as soon as practicable, Pennzoil spokesman Robert Harper said. Tulsa, Okla.-based Facet had been fighting off an unfriendly takeover attempt by Prospect Group Inc.