Planning for the proposed Bluegrass Pipeline, which would carry mixed natural gas liquids (NGL) from the Northeast to the Gulf Coast, is still in early stages, but the project has piqued the curiosity of analysts who follow Bluegrass partner Boardwalk Pipeline Partners LP.
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Denver-based DCP Midstream Partners LP announced a $626 million dropdown from DCP Midstream of an additional 47% interest in its Eagle Ford joint venture, bringing its ownership to 80%. It’s the largest dropdown in the history of the partnership.
Dow Chemical Co. began producing on-spec ethylene in late December at its St. Charles Olefins 2 Plant near Hahnville, LA, the company said. “The start-up of our St. Charles ethylene plant represents the first major milestone within our U.S. Gulf Coast investment strategy,” said Brian Ames, president, of Dow’s olefins, aromatics and alternatives business. “This action further reduces the company’s purchased ethylene, lowering costs and strengthening the competitiveness of our high-margin, high-growth derivatives businesses.” Restart of the plant had been previously announced and is part of the company’s plan to further connect its U.S. operations with cost-advantaged feedstocks from U.S. shale gas (see Shale Daily, Dec. 13, 2012). “Plans to increase ethylene and propylene supply and ethane cracking capabilities at existing U.S. Gulf Coast facilities strengthen the competitiveness of Dow’s performance plastics, performance products and advanced materials businesses and enable profitable growth in the Americas,” the company said. The St. Charles plant was idled in January 2009 and is now expected to deliver a $150 million increase in earnings before interest, taxes, depreciation and amortization this year.
Four days after Gulfport Energy Corp. said it would buy 30,000 net acres in the Utica Shale in eastern Ohio, the company announced Thursday that the agreement has been amended to include an additional 7,000 net acres for $70 million.
Energy Transfer Partners LP’s (ETP) $5.3 billion purchase of Sunoco Inc. isn’t expected to close until the second half of this year, but integration of the two companies “is well under way,” according to ETP CFO Martin Salinas.
Crosstex Energy LP will pay about $210 million to buy privately held pipeline services provider Clearfield Energy Inc., a deal that would significantly expand its crude oil and condensate services in the Utica Shale, the Dallas-based partnership said Tuesday.
The chairman of Energy Transfer Equity LP (ETE) said Thursday the merger with natural gas pipeline giant Southern Union Co. (SUG) will give the combined company more customer market access in U.S. shale gas plays and alleviate some growing takeaway issues.
Consol Energy Inc. has reduced a planned build-up of its horizontal rig fleet in the Marcellus Shale due to low natural gas prices, the Appalachian Basin player said Thursday.
Thanks to its acquisition of Dominion’s natural gas exploration and production business, longtime coal giant Consol Energy is making its name in the natural gas sector as the Canonsburg, PA-based diversified energy producer continues to analyze its position in the Marcellus and Utica shales.
Marking a U-turn of sorts in the company’s exploration and production strategy due to low natural gas prices and a premium on liquids prices, Range Resources Corp. in its 3Q2010 earnings call put its Barnett Shale properties in Texas on the block and announced that it plans to focus on its “liquids-rich plays” in the Marcellus Shale.