Drawing

Pipeline companies have scores of projects on the drawing board to export gas from the prolific Rocky Mountains region, but they are awaiting firm producer and customer commitments before going ahead with them, according to pipe executives.

Pipeline companies have scores of projects on the drawing board to export gas from the prolific Rocky Mountains region, but they are awaiting producer and customer commitments before going ahead with them, according to pipe executives.

Merrill Lynch analyst Sam Brothwell believes the last four major pipeline company sales indicate that the market for pipeline assets is “likely peaking here” at nine or 10 times earnings before interest taxes depreciation and amortization (9X or 10X EBITDA) and should drift back to more normal levels of about 8X EBITDA over time.

Merrill Lynch analyst Sam Brothwell believes the last four major pipeline company sales indicate that the market for pipeline assets is “likely peaking here” at nine or 10 times earnings before interest taxes depreciation and amortization (9X or 10X EBITDA) and should drift back to more normal levels of about 8X EBITDA over time.

Drawing a legal distinction between facilities and companies developing them, the California Public Utilities Commission Thursday unanimously instituted an investigation of the proposed liquefied natural gas (LNG) receiving terminal in Long Beach Harbor, including the determination that the Mitsubishi Corp. subsidiary proposing to build the terminal is a “public utility” under California law and must gain CPUC approval to build the project.

Drawing lots of lender interest, Bellevue, WA-based Puget Energy announced Wednesday that it obtained two new lines of credit totaling $500 million, involving 17 foreign and domestic banks and including a three-year $350 million unsecured credit line for its major utility subsidiary, Puget Sound Energy (PSE). Its nonutility construction arm, InfrastruX Group, will have a three-year, $150-million line for its operations nationally. Puget said the new credit facility will be used for general corporate purposes, and specifically for the utility, it will be used “primarily to back up the insurance of commercial paper, one of the company’s least expensive sources of borrowed funds.”

Drawing a legal distinction between facilities and companies developing them, the California Public Utilities Commission Thursday unanimously instituted an investigation of the proposed liquefied natural gas (LNG) receiving terminal in Long Beach Harbor, including the determination that the Mitsubishi Corp. subsidiary proposing to build the terminal is a “public utility” under California law and must gain CPUC approval to build the project.

Drawing support from a bit of post-winter chill lingering across the northern tier of states and moderate increases in air conditioning in parts of the southern tier, cash prices recorded mild advances at the great majority of points Wednesday.

Labrador’s substantial natural gas fields — estimated to hold about one-third of all gas resources on Canada’s East Coast — are beginning to draw renewed interest from oil and gas companies, as technological innovations defeat cold water climates around the world.