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.
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ConocoPhillips Buys Liquids, Shuts in Gas
ConocoPhillips revealed Wednesday that in the last three months of 2011 it acquired more than 100,000 acres in North American liquids-rich shale plays, bringing its unconventional acquisitions last year to more than 500,000 acres.
Industry Brief
Moody’s Investor Services downgraded the credit rating of the Bonneville Power Administration (BPA). BPA goes to an “Aa1” rating from “Aaa,” impacting $6.3 billion in outstanding debt. The outlook was set at “stable.” Moody’s said the downgrade reflects BPA’s increased “hydrology and market price risk,” which has eroded its credit quality during the last several years. Financial reserves available to handle increased risk have dropped by 36% during the two-year period ending with fiscal year 2010, Moody’s said. The ratings agency said it expects the challenges for BPA to continue in the form of “low natural gas prices, sustained lower demand and increasing amounts of wind generation during BPA’s peak surplus energy sales season.”
CONSOL Sells Big Chunk of Marcellus Leasehold to Noble
Pittsburgh’s CONSOL Energy Inc., which has increasingly been focused on its Appalachian natural gas operations, agreed Thursday to sell Noble Energy Inc. half of its 663,350 net-acre leasehold in a portion of the Marcellus Shale in Pennsylvania and West Virginia, including a half-stake in existing wells, under a multi-year transaction valued at $3.4 billion.
Ultra Adds Niobrara; Sees Record Output in Pinedale, Marcellus
Driven by record natural gas output from core holdings in the Pinedale Anticline of Wyoming and the Marcellus Shale in Pennsylvania, Ultra Petroleum Corp. on Wednesday reported quarterly profit numbers that beat Wall Street’s expectations. The Houston producer also disclosed that it established a third core area, almost 100,000 net acres in the liquids-prone Niobrara formation of the Denver-Julesburg (DJ) Basin of Colorado.
ETC Tiger Seeks to Put Haynesville, Bossier Expansion in Service
ETC Tiger Pipeline LLC, a unit of Dallas-based Energy Transfer Partners LP, has asked FERC for the green light to place a 400 MMcf/d expansion of its system in service by early August.
Energy Transfer Scoops Up Southern Union for $7.9B
Energy Transfer Equity LP (ETE) agreed Thursday to acquire Houston’s Southern Union Co. (SUG) for $7.9 billion, including $4.37 billion of debt, which when combined would create one of the largest U.S. natural gas midstream operators, with more than 44,000 miles of domestic natural gas pipelines and 30.7 Bcf/d of transportation capacity.
W&T to Pay $500M for Stakes in Six Gassy Offshore Assets
W&T Offshore Inc. said Thursday it is acquiring stakes in six offshore producing fields in the Gulf of Mexico (GOM) from Shell Offshore Inc. for an estimated $450 million in cash and $50 million in debt.
W&T to Pay $500M for Stakes in Six Gassy Offshore Assets
W&T Offshore Inc. said Thursday it is acquiring stakes in six offshore producing fields in the Gulf of Mexico (GOM) from Shell Offshore Inc. for an estimated $450 million in cash and $50 million in debt.
Shale-Focused EXCO Gets Buyout Offer
EXCO Resources Inc. CEO Douglas Miller has proposed a buyout of the company at $20.50/share cash, the Dallas-based natural gas-focused exploration and production company said Monday. Oilman T. Boone Pickens as well as two investment firms are said to be in on the offer, which is worth $4.36 billion.