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Bond

Diverting Capital to Buying Back Debt an Opportunity For Distressed E&Ps, Says Raymond James

With the oil futures curve not forecasting a price rebound above $50/bbl until 2019, it may be a better play to pay down debt than invest in upstream development or acquisitions, Raymond James & Associates Inc. analysts said this week.

January 15, 2016

Briefs — Buckeye Texas Partners, Inflection Energy

Buckeye Texas Partners LLC’s 50,000 b/d condensate splitter facility has entered commercial service under a long-term take-or-pay tolling agreement. It is part of the first phase of an expansion at the South Texas facilities. A liquid petroleum gas (LPG) refrigerated storage facility was recently completed as well. In addition to the splitter capabilities, the facilities will offer five marine docks, more than 6 million bbl of petroleum storage capacity with rail and truck loading/unloading capability and three field gathering facilities with pipeline connectivity to the condensate splitters and docks. All aspects of this expansion are fully contracted under long-term agreements with Trafigura Trading LLC, Buckeye said (see Shale Daily,Sept. 3, 2014). “The completion of these splitting units further bolsters our South Texas assets as a leading export hub on the Gulf Coast, with the ability to aggregate, store, process and distribute many different petroleum products,” said Buckeye CEO Clark Smith.

December 8, 2015

PA Court Orders $5M-Plus Bond For Drilling Opponent Appeal to Advance

In another land-use victory for Denver-based Inflection Energy LLC and other Pennsylvania shale drillers, a common pleas court judge has ordered a drilling opponent to post a nearly $6 million bond to proceed with an appeal against the company’s development plans.

November 20, 2015

E&Ps Get Reprieve in Fall Redeterminations, But Spring Could Be Harsh

Exploration and production (E&P) companies may have been stressed about the fall redeterminations this month but the banks have been “surprisingly gentle,” according to a review by Jefferies LLC.

October 20, 2015

Lockheed Technology Takes on LNG

Promising economic multipliers from Louisiana’s tight bond with natural gas, defense and space giant Lockheed Martin said last Tuesday it plans to transfer its nearly four decades of experience building space shuttle tanks to the expanding use of liquefied natural gas (LNG) for storage and transportation.

March 18, 2013

Lockheed Brings Space, Defense Technology to LNG

Promising economic multipliers from Louisiana’s tight bond with natural gas, defense and space giant Lockheed Martin said Tuesday it plans to transfer its nearly four decades of building space shuttle tanks to the expanding use of liquefied natural gas (LNG) for storage and transportation.

March 14, 2013

Industry Briefs

Macquarie Group has priced its first U.S. prepaid natural gas bond transaction for which it is the gas supplier. The transaction will provide Texas Municipal Gas Acquisition and Supply Corp. III (TexGas III) with a 20-year supply from Macquarie. TexGas III has sold and will issue fixed-rate U.S. dollar-denominated serial bonds maturing annually from December 2013 to December 2032 with annual yields of 0.75-4.05%. The bonds have a total par value of about $1.4 billion and were issued at a premium for total proceeds of $1.5 billion. They are rated “A3” by Moody’s Investors Service and “BBB” by Standard and Poor’s Ratings Services. Macquarie will supply 405 Bcf of gas over the term of the deal, which is subject to approval by the Texas Attorney General.

November 29, 2012

Industry Briefs

Energy patch communications services provider Texas Energy Network LLC (TEN) has purchased from Verizon Wireless lower 700 MHz A and B block wireless spectrum in the Eagle Ford Shale region of South Texas. The wireless spectrum encompasses 28 counties and will allow TEN to offer service over the entire Eagle Ford Shale play, the company said. “…[I]t will allow us to provide a much needed service to our customers who have been requesting improved communications services in the oilfield for some time,” said TEN CEO Gregory M. Casey. “We intend to build-out our wireless coverage of the Eagle Ford shale region with a 4G LTE network as soon as possible to bring high-speed bandwidth to the region.” The company is currently building a network in the Permian Basin as well. Separately, communications provider ERF Wireless said in April it hired a contractor to build out two high-speed wireless broadband networks in two separate areas of the Permian Basin region adjacent to existing ERF Wireless networks. In addition, ERF Wireless is using its own crews to construct three new networks that are near the extensive terrestrial wireless network system already owned and operated by ERF Wireless in Texas, New Mexico and Oklahoma. ERF is active in the Eagle Ford as well (see Shale Daily, Jan. 13, 2011).

May 30, 2012

Chesapeake Agrees to Finance West Virginia Road Repairs

Chesapeake Energy Corp. has agreed to spend millions for repairs to roads in four counties in the West Virginia Panhandle, in order to mitigate damage done to the roads by trucks hauling equipment and water to its wells sites in the region.

July 12, 2011

First Cavern at Mississippi Storage Project Enters Service

Sempra Energy unit Sempra Pipelines & Storage said the first of two caverns at its Mississippi Hub gas storage facility has entered service.

August 30, 2010
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