Private equity power broker Riverstone Holdings LLC announced Monday that it has made an investment in Three Rivers Operating Co. LLC, which in turn has signed an agreement to buy several assets in the Permian Basin of West Texas from Meritage Energy Company LLC.
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Meritage Midstream Services LLC and private equity power broker Riverstone Holdings LLC on Wednesday said they were teaming up once again, with Riverstone providing $500 million to pursue new natural gas liquids (NGL) midstream opportunities in some of North America’s emerging resource plays.
The Commodity Futures Trading Commission (CFTC) Tuesday filed a complaint in a federal court in Illinois against broker Peregrine Financial Group Inc. (PFG) and its CEO and owner, Russell Wasendorf Sr., alleging that they committed fraud by misappropriating customer funds, violated customer fund segregation laws and lied in financial statements filed with the agency.
Valhalla, NY-based Optionable Inc. continued to feel the backlash Monday more than two weeks after the energy options broker’s largest customer, Bank of Montreal (BMO), revealed a $400 million-plus trading loss (see Daily GPI, April 30). On Monday, Optionable, which has seen a 91% drop in share value since BMO’s loss announcement April 27, reported that Kevin Cassidy, vice chairman, CEO and director of the company, resigned Saturday. That news was followed by the New York Mercantile Exchange (Nymex) resigning board representation.
Calling the period that the energy markets are entering a “dramatically new phase,” Alan Levine, senior vice president of the Morgan Stanley Private Client Futures Group, said higher natural gas prices — mainly above $6 — are likely here to stay.
White House senior advisor Karl Rove recently brokered a deal with Senate Democrats in which he assured them sitting FERC Commissioner William Massey would be re-nominated by the Bush administration for a third term, a knowledgeable source said Monday.
White House senior advisor Karl Rove last week brokered a deal with Senate Democrats in which he assured them sitting FERC Commissioner William Massey would be re-nominated by the Bush administration for a third term, a knowledgeable source said Monday.