ENERGY

Turner to Buy Pennzoil’s Vermejo Park Ranch: Pennzoil Co. agreed to sell the huge property straddling the border of New Mexico and Colorado to billionaire media mogul Ted Turner, chairman of Atlanta-based Turner Broadcasting System Inc. The sale, together with the recently completed sale of apartment and commercial properties in Houston, will generate about $103 million in proceeds, Houston-based Pennzoil said. Pennzoil becomes the latest oil company to shed its commercial real estate assets. Chevron Corp., Exxon Corp. and Mobil Corp. have sold the bulk of their property holdings in recent months to reduce debt and invest in their core businesses. Vermejo Park Ranch is 578,000 acres. The park features several hunting and fishing lodges and houses a working cattle ranch. Pennzoil has owned the property since 1973.