Western Gas Partners LP is buying the Bison gas treating facility and related assets in the Powder River Basin from Anadarko Petroleum Corp. for $130 million. "The cash flow profile of the Bison assets, which is 100% fee-based and entirely supported by demand charges, is a great addition to WES' portfolio," said Western Gas Partners CEO Don Sinclair. The Bison assets are in northeastern Wyoming and have a combined carbon dioxide treating capacity of 450 MMcf/d. Western Gas expects to finance the acquisition with $25 million of cash and the issuance of 2,950,284 common units to Anadarko and 60,210 general partner units to Western Gas Holdings LLC, the partnership's general partner, at about $34.88/unit. The deal is expected to close early this month with an effective date of July 1, 2011.
Twin Eagle Resource Management LLC, a natural gas and power marketing company (see Daily GPI, Jan. 7) has agreed to an equity investment by LS Power TWEM LLC, an affiliate of LS Power. In natural gas Twin Eagle specializes in aggregation of supply, management of transport, management of storage and selling to end-users.
GE Oil & Gas said it will supply three customized aeroderivative natural gas turbine-generator modules to provide the electric power on a new Chevron Corp. Gulf of Mexico (GOM) floating production platform. It will assist Chevron's efforts to produce oil and gas from the Jack and St. Malo GOM fields. Separately, the head of GE Energy Financial Services told a Wall Street audience recently that his firm has $21 billion invested in the energy sector and is looking for more power, oil and gas projects. Chevron's production effort will be composed of three subsea centers tied back to a hub production facility with an initial capacity of 170,000 b/d of oil and 42.5 MMcf/d of gas.
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