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The head of the Commodity Futures Trading Commission (CFTC) told Congress Tuesday that it and the Securities and Exchange Commission (SEC) are close to issuing a final rule further defining the terms “swap” and “securities-based swap,” which would trigger a rule establishing limits on speculative positions in the futures and swaps markets.

Petroleum Development Corp. (PDC) said Monday it would pay $330.6 million to acquire close to 35,000 net acres in a liquids-rich area of the Niobrara and Codell formations in Colorado from an undisclosed seller.

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.

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.

Kinder Morgan Inc. and El Paso Corp. have received all regulatory approvals required to close their merger, which is scheduled for May 24. The deadline for El Paso shareholders and equity award holders to elect the form of consideration they wish to receive in the merger is 5 p.m. EDT May 23. The deal was announced last fall (see Daily GPI, Oct. 18, 2011) and received antitrust clearance with a condition that some assets be divested (see Daily GPI, April 20; March 19).

Some opponents of exporting liquefied domestic gas argue that doing so would encourage more development of shale gas resources using hydraulic fracturing (fracking) well stimulation. Since fracking is bad (causes pollution), so are liquefied natural gas (LNG) exports, they argue. But that’s not how it works, FERC said in approving facilities proposed by Cheniere Energy Inc. units to liquefy and export gas from the Louisiana coast.

Chesapeake Energy Corp. on Monday clinched a trio of separate oil and natural gas transactions in unconventional fields are to give it total proceeds of $2.6 billion.

IGas Energy plc, which explores in the United Kingdom’s onshore, said shale gas reserves at its Ince Marches prospect in Cheshire, England, may be close to 10 Tcf, or double the original estimate. The producer now is looking for a farm-in partner.

The ConocoPhillips board of directors has given final approval to spin off the downstream businesses as Phillips 66 at close of business on April 30, which would result in ConocoPhillips becoming the largest pure-play, upstream independent in North America (see Daily GPI, July 15, 2011). The companies would be headquartered in Houston. Chairman and CEO Ryan Lance would lead ConocoPhillips. Phillips 66, to be traded on the New York Stock Exchange as “PSX,” would be led by Chairman and CEO Greg Garland and would comprise the refining and marketing; midstream and chemicals businesses.