Dynegy Inc. and Energy Capital Partners, through a newly formed joint venture, will buy ENGIE’s fossil portfolio, including 8,731 MW of generation capacity in the ERCOT, PJM and ISO-New England footprints, for $3.3 billion, a deal that would increase Dynegy’s natural gas and combined cycle fleet, the companies said Thursday.
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Encana Workforce Slashed by 20%, Spending Curtailed by Half
Calgary’s top natural gas producer Encana Corp. has curtailed capital spending even more than it had anticipated for 2016 and is laying off 20% more of its workforce as it “relentlessly” pursues cost cutting to remain competitive, CEO Doug Suttles said Wednesday.
S&P Downgrades Regional Banks Carrying Energy Loans as Oil, NatGas Prices Fail to Strengthen
In yet another sign that lower-for-longer commodity price sentiment has taken hold of the market, Standard & Poor’s Ratings Services (S&P) said Tuesday it downgraded four U.S. regional banks because of their large energy loan portfolios.
Noble Energy Slices 2016 Capex Plan by Half
Noble Energy Inc. has begun this year with a capital spending budget of $1.5 billion, about half of its planned spending in 2015, the Houston independent said Tuesday.
U.S. Rig Count Drops With More Expected; Canada Returns From Holiday
The U.S. rig count dropped by a net of 34 units in the first Baker Hughes Inc. tally of 2016. Eighty-three rigs returned to the hunt in Canada, but this sort of stampede is typical for the new year/post-holiday period. Look for U.S. rigs to keep dropping in the months ahead under the weight of depressed commodity prices, analysts have been saying.
Consol Keeping 2016 Drilling Plans Flexible
Consol Energy Inc. on Wednesday sharply reduced its exploration expenditure plans and said spending would remain flexible as it continues responding to the commodities downturn, with no decision expected on reviving its idled drilling program until mid-year and making clear its production guidance would be a moving target.
PDC Energy to Focus 2016 Capital on Wattenberg
PDC Energy Inc. will continue its focus on the Wattenberg formation heading into next year, devoting most of its 2016 capital budget to exploration and production (E&P) activity in the Colorado play, the company said Monday.
NGI The Weekly Gas Market Report
Freeport-McMoRan Suspending Dividend, Dropping Rigs in Deepwater GOM
Freeport-McMoRan Inc. (FCX), which for months has been eyeing strategic options for its U.S.-focused oil and gas business, said Wednesday it has suspended its dividend and is dropping deepwater rigs in the Gulf of Mexico (GOM) to cope with deteriorating market conditions.
The Fixer Is In With Oil/NatGas Balance Sheet Home Truths
During the shale boom, companies jumped into the oil/gas patch because there was money to be made. Now it seems that there are more lessons to be learned than dollars earned.
EQT Outlines Scaled-Back 2016 Budget; Plans Deep Utica Program
EQT Corp. said Monday that it plans to spend $1 billion on exploration and production (E&P) next year, mainly on Marcellus Shale drilling, but it also budgeted for a five well deep Utica Shale program following successful results in southwest Pennsylvania earlier this year.