Exit

Commodity trading is central to Sempra Energy’s overall operations and even with the Royal Bank of Scotland’s (RBS) recently announced plans to exit a joint venture trading partnership with Sempra, the San Diego-based energy holding company is confident that it can find the right new partnership or, if necessary, take back most of the trading operations. That was part of a preliminary statement Monday from CEO Donald Felsinger before reporting increased third quarter profits on a conference call with analysts.

Providing Barnett Shale gas another exit to market, Enterprise Products Partners LP and Duncan Energy Partners LP said last week that construction has been completed on the 174-mile Sherman Extension expansion of the Enterprise Texas Intrastate natural gas pipeline system, which extends through the heart of North Texas.

Providing Barnett Shale gas another exit to market, Enterprise Products Partners LP and Duncan Energy Partners LP said Monday construction has been completed on the 174-mile Sherman Extension expansion of the Enterprise Texas Intrastate natural gas pipeline system, which extends through the heart of North Texas.

A deal announced this week marks the exit of ExxonMobil Corp. from the prolific Barnett Shale gas play and the further accumulation of Barnett assets by Chesapeake Energy Corp., which has become a leading North American gas shale player.

Natural gas buyers say that while having a relationship with their supplier remains important, the exit of yesteryear’s hand-shake agreement and the entrance of trading exchange anonymity and significant personnel turnover have reduced the emphasis on knowing your supplier before entering into a deal.

Natural gas buyers say that while having a relationship with their supplier remains important, the exit of yesteryear’s hand-shake agreement and the entrance of trading exchange anonymity and significant personnel turnover have reduced the emphasis on knowing your supplier before entering into a deal.

Northeast Utilities (NU) said Tuesday it has followed through on plans announced last fall to exit the unregulated retail energy marketing business to focus on regulated utility operations. NU subsidiary Select Energy Inc. is selling its retail gas and power marketing business, including its wholly-owned subsidiary Select Energy New York Inc., to Amerada Hess. The sale is expected to close by June 1.

Bankrolled by $2.35 billion in exit financing, Atlanta-based Mirant Corp. announced Tuesday it has successfully emerged from Chapter 11 bankruptcy protection, completing the court-approved steps needed to put its reorganization plan in effect. Under the plan, Mirant will convert more than $6 billion of debt and liabilities into equity in the reorganized company, while cutting in half its overall debt.

Marking one of the final steps in its effort to exit operations that detract from its core focus on unconventional natural gas and oil resources in North America, EnCana Corp. said Tuesday it is selling its shares in subsidiaries that have oil and pipeline interests in Ecuador to Andes Petroleum Co., a joint venture of Chinese petroleum companies, for US$1.42 billion in cash.