ConocoPhillips has completed an estimated $600 million sale of subsidiaryTrinidad and Tobago Holdings LLC to National Gas Company of Trinidad and Tobago Ltd. The subsidiary holds a 39% stake in Phoenix Park Gas Processors Ltd., which operates a natural gas midstream facility at Point Lisas, Trinidad. The Houston operator expects to recognize an after-tax gain of about $290 million. Including the latest transaction, ConocoPhillips said it has received around $14.1 billion by selling nonstrategic assets as part of its 2012-13 disposition program, which originally was to pare about $8.5 billion (see Daily GPI, May 17). Between January and June, ConocoPhillips received $3.8 billion in proceeds from completed sales, with the remainder expected by the end of the year.
The line break of a 10-inch diameter natural gas liquids (NGL) pipeline in rural Wetzel County, WV, on Aug. 13 resulted in an estimated 1,800 bbl of NGLs being spilled, a West Virginia Department of Environmental Protectionspokesman told NGI. The 27-mile pipeline, which connects MarkWest Energy's Mobley and Majorsville facilities, was immediately shut down and will remain shutdown until repairs can be completed, a company spokesman said. The incident was the result of a major landslide that was caused by "significant erosion and run-off from recent heavy rainfall and impacted the right-of-way," the company said. MarkWest said it is undertaking repair and remediation efforts and working with local, state and federal officials to respond to and investigate the incident.