With close cooperation with its major unions, a lot of new management expertise and a commitment throughout its company workforce, Pacific Gas and Electric Co.’s (PG&E) natural gas system has risen from the trauma of the San Bruno pipeline rupture and explosion two and a half years ago, Nick Stavropoulos, PG&E Corp. executive vice president of gas operations, told an energy conference in Houston Tuesday.
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Texas will provide $1 million to close a deal with Ascend Performance Materials Texas Inc. to build a propane dehydrogenation (PDH) facility near Houston, Gov. Rick Perry said.
Columbus, OH-based American Electric Power (AEP) on Monday agreed to close or refuel units at three Midwest coal-fired electric generation plants and fill at least part of the lost capacity with renewable-based power supplies. Environmental groups hailed the move as a “victory for clean air.”
The war of words between Oklahoma City-based SandRidge Energy Inc. and hedge fund TPG-Axon Capital, one of the exploration and production (E&P) company’s largest investors, was renewed this week, with both sides appealing to SandRidge shareholders for support.
Elliott Associates LP, a hedge fund that owns a 4% stake in Hess Corp., is urging other shareholders to elect its five nominees to the company’s board of directors and has called on Hess to spin off its assets in the Bakken, Eagle Ford and Utica shale plays.
Hess Corp. said Monday it plans to sell its oil terminal network in the United States and close its refinery at Port Reading, NJ, part of its strategy to completely exit the refining business and transform into an exploration and production (E&P) company focused on unconventional assets.
FERC on Friday gave Tennessee Gas Pipeline Co. LLC (TGP) the go-ahead on rehearing to construct and place into service by Nov. 1 its Northeast Upgrade Project, an expansion of the pipeline’s 300 Line that is intended to move more Marcellus Shale gas to Northeast markets.
Natural gas prices in the various North American shale basins rose about 50 cents, or close to 20%, year-to-year from Jan. 1, 2012 to Jan. 1, 2013, moving mainly from the $2.80s to the $3.30s per MMBtu. At the same time, operating rigs in the same basins dropped 21%, according to surveys conducted throughout the year for NGI’s Shale Daily.
Encana Corp. on Thursday struck a C$2.18 billion joint venture (JV) agreement to explore and develop close to half a million acres of its leasehold in the Duvernay Shale with a subsidiary of PetroChina International Ltd.