The Federal Energy Regulatory Commission has approved Cheniere Energy Inc.'s request to introduce fuel gas to commission gas turbine generators at the Sabine Pass liquefied natural gas (LNG) export terminal in Cameron Parish, LA. Sabine Pass said it would begin commissioning activities associated with phases 2-3 of a commissioning plan submitted in March as part of the facility's expansion plan [CP13-552]. The approval is only for commissioning Sabine Pass gas turbine generators and "does not grant Sabine Pass the authority to commission other project facilities at the LNG terminal," FERC said. The Sabine Pass LNG terminal began exporting gas in February 2016 and was the first U.S. facility to export LNG sourced from domestically produced natural gas in the Lower 48. In March the second such facility came online when FERC granted permission for Dominion Energy to begin commercial service for the Cove Point LNG export facility on Chesapeake Bay in Maryland.
Brazos Midstream Holdings LLC and financial sponsor Old Ironsides Energy have agreed to sell subsidiaries working on developing the Permian Delaware sub-basin to North Haven Infrastructure Partners II (NHIP II) for about $1.75 billion. Closing is expected by the end of June. NHIP II is an investment fund managed by Morgan Stanley Infrastructure. After closing, Brazos would retain its name and management team, and it would operate as a portfolio company of NHIP II. Brazos is expanding cryogenic natural gas processing in West Texas, among other things. Jefferies LLC is financial adviser to Brazos, while RBC Capital Markets is financial adviser to Morgan Stanley Infrastructure.
Colorado Gov. John Hickenlooper has signed into law a bill to direct excess environmental-related funds to the long-term mitigation of abandoned oil and natural gas wells. House Bill 18-1098 addresses the adverse impacts from drilling activities administered by the Colorado Oil and Gas Conservation Commission and mandates that any excess funds in the account at the end of each fiscal year not be diverted to a broader state fund.
Nasdaq has notified Rex Energy Corp. that its stock is to be delisted on April 13 after the producer failed to meet continued listing requirements as equity is less than $2.5 million and failed to satisfy the terms of an extension to regain compliance in a timely manner. The company said it would not appeal. The recent stock price was at a 52-week low of 32 cents. After the delisting, the company said its shares may be eligible to trade over-the-counter. The Appalachian pure-playrecently defaulted on a semi-annual interest payment. Rex also is considering financial alternatives, which include filing for bankruptcy to restructure.