The U.S. Environmental Protection Agency (EPA) last week temporarily suspended BP Exploration and Production Inc., BP plc and named affiliated companies from new contracts with the federal government, but energy analysts believe the suspension may not be in place long enough to affect its U.S. operations.
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BP Temporarily Suspended from New Federal Contracts
The U.S. Environmental Protection Agency (EPA) said Wednesday it has temporarily suspended BP Exploration and Production Inc., BP plc and named affiliated companies from new contracts with the federal government.
Interior Approves Proposed Bakken Refinery
Interior Secretary Ken Salazar Wednesday approved a “land-into-trust” application submitted by the Three Affiliated Tribes of the Fort Berthold Reservation in western North Dakota to build the first U.S. refinery in decades — in the heart of the Bakken shale formation.
Partners Slate $500M for NGL Midstream in Liquids-Rich Plays
Investment funds affiliated with Riverstone Holdings LLC, and Kaiser Midstream, a midstream services company owned by Tulsa, OK, billionaire George B. Kaiser, are partnering with Sage Midstream LLC to form a new company with up to $500 million of equity commitments.
CFTC Proposes to Exempt Inter-Affiliate Swaps from Clearing
The Commodity Futures Trading Commission (CFTC) Thursday voted out a proposed rule to exempt swaps between certain affiliated entities within a corporate group from the clearing requirement under the Dodd-Frank Wall Street Reform Act.
Industry Brief
EnerVest Ltd. and affiliated partnerships including EV Energy Partners LP have agreed to buy oil and gas properties in the Barnett Shale from Talon Oil & Gas LLC for $967 million. The price, subject to adjustments, includes 3-D seismic across all of the acreage and hedges from the seller. The majority of the 20,207 gross acres is in the core of the Barnett Shale in North Texas. The properties produce 87 MMcfe/d from 212 active wells, with 1.1 Tcfe in reserves. The acquisition adds the Barnett Shale as EnerVest’s fourth core operating area. Production from the wells is 29% natural gas liquids/71% natural gas, the company said. EnerVest said it will produce 384 MMcfe/d from 18,530 wells with 2.7 Tcfe of reserves upon closing of the acquisition, which is scheduled for Dec. 30.
People
Tenaska Inc. co-founder Howard Hawks said he will retire from his role as CEO effective July 1 but will remain chairman of the company and of two affiliated private equity investment companies developed by Tenaska — Tenaska Power Fund LP (TPF I) and TPF II. When Hawks steps down, current Tenaska CFO Jerry Crouse will become CEO and vice chairman with responsibility for holding company assets and activities, and Paul Smith will become vice chairman in addition to his current role as CEO of affiliate Tenaska Capital Management LLC (TCM). Smith is a co-founder of TCM and manager of the TPF I and TPF II private equity funds. Current Tenaska finance vice president and treasurer Greg Van Dyke will be promoted to CFO and treasurer, while current vice president and controller Tim Kudron will become senior vice president and corporate controller. Under Hawks’ leadership since its inception in 1987, Omaha, NE-based Tenaska has developed about 9,000 MW of power generation and currently manages and operates eight power plants totaling 6,700 MW that it owns in partnership with other companies. Tenaska affiliates are involved in natural gas, electricity and biofuels marketing, as well as private equity funds, gas exploration and production and investments in renewable energy.
Transportation Notes
Affiliated pipelines Texas Eastern, Algonquin and Maritimes & Northeast said Friday they were lifting restrictions on creation of due-pipe imbalances and payback of due-shipper imbalances.
Transportation Notes
Affiliated pipelines Texas Eastern, Algonquin and Maritimes & Northeast said Friday they were lifting restrictions on creation of due-pipe imbalances and payback of due-shipper imbalances.
Transportation Notes
Effective Thursday affiliated pipelines Texas Eastern, Algonquin and Maritimes & Northeast are lifting restrictions on creation of due-pipe and due-shipper payback imbalances.