An early morning fire Wednesday closed Williams Partners LP’s Ignacio gas processing plant, located near Durango CO. The cause of the fire is unknown and is under investigation. Williams said the fire began in a cooling tower, damaging it and a few adjacent buildings before being extinguished. No injuries were reported. The Ignacio plant is part of Williams Four Corners LLC, which is owned by Williams Partners. Approximately 100 MMcfe/d of the plant’s normal 450 MMcfe/d production capacity has been rerouted to other facilities in the San Juan Basin. In addition to the Ignacio plant, the Four Corners gathering system is connected to the Kutz and Lybrook natural gas processing plants and the Milagro and Esperanza natural gas treating plants in northwestern New Mexico. The Four Corners system’s normal volumes are in excess of 1.5 Bcfe/d. Contacted Thursday afternoon, the company said it has not yet estimated how long it will take to repair and reopen the plant.
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Traders Coming to Their Senses? December Plummets on Expiration
Deciding to go out with a bang on expiration, traders on Wednesday pushed December natural gas futures to a low of $7.180 before it closed out at $7.203, down 35.4 cents from Tuesday’s close. Even more interesting was the fact that the incoming prompt-month contract — January 2008 — dropped below $7.500 for the first time since summer 2005 to close Wednesday at $7.486, down 33.1 cents.
Pioneer Natural Resources Closes $540M Sale of Canadian Assets to TAQA
Pioneer Natural Resources Co. has closed the sale of Canadian subsidiary Pioneer Natural Resources Canada Inc. to Abu Dhabi National Energy Co. (TAQA) for $540 million cash, the Dallas-based company said Tuesday.
Bear Energy Closes Williams Power Asset Deal
The second time proved a charm for Bear Stearns Cos. Inc., which Friday closed a deal to purchase substantially all of the power assets and the trading book of Williams.
Stockholders Approve $3.6B Pogo Purchase; PXP Closes Deal
Houston-based Plains Exploration & Production Co. (PXP) said last Tuesday it has closed its acquisition of Pogo Producing Co. following approval by both companies’ stockholders.
Bear Energy Completes Deal to Buy Williams Power Assets
The second time proved a charm for Bear Stearns Cos. Inc., which Friday closed a deal to purchase substantially all of the power assets and the trading book of Williams.
December Futures Drop $1-Plus Over Four Regular Sessions
December natural gas futures closed at $7.624 on Wednesday, dropping another 23.9 cents to bring the contract’s four-day decline to $1.013. The contract settled near the low end of its $7.570 to $7.855 range for the day, which could lead to further weakness on Thursday.
Stockholders Approve $3.6B Pogo Purchase; PXP Closes Deal
Houston-based Plains Exploration & Production Co. (PXP) said Tuesday it has closed its acquisition of Pogo Producing Co. following approval by both companies’ stockholders.
Long Beach Muni Opts for 30-Year Pre-Pay
The City of Long Beach’s municipal gas utility Thursday closed a 30-year pre-pay supply deal that will satisfy 80-90% of its 12-13 Bcf annual gas demand with terms that will keep its retail rates below the surrounding Sempra Energy utilities for the next three decades, according to its general manager.
Baseline Oil & Gas Pays $96.6M for 42.2 Bcfe in Texas
Independent exploration and development company Baseline Oil & Gas Corp. closed its acquisition of producing gas and oil properties in southern Texas from DSX Energy Limited LLP, Kebo Oil & Gas Inc. and 25 other related parties for an adjusted cash consideration of $96.6 million, the company said Tuesday.
