Giant

Australia’s resources giant BHP Billiton will close its Southern California office in Oxnard, CA, at the end of July, consolidating West Coast liquefied natural gas (LNG) operations in its Houston office, a California spokesperson for the company told NGI Wednesday. A Houston-based spokesperson separately confirmed that the Cabrillo Port offshore LNG receiving terminal project is effectively dead, and the company continues to weigh its options in California.

Canadian pipe and power generation giant TransCanada Corp. on Friday announced that net income declined from C$273 million (C$0.56/share) in 1Q2006 to C$265 million (C$0.52/share) during 1Q2007 due in part to weaker performance from its pipeline segment and the absence of certain discontinued operations.

Canadian pipe and power generation giant TransCanada Corp. on Friday announced that net income declined from C$273 million (C$0.56/share) in 1Q2006 to C$265 million (C$0.52/share) during 1Q2007 due in part to weaker performance from its pipeline segment and the absence of certain discontinued operations. Net income from continuing operations for 1Q2007 was also C$265 million (C$0.52), compared to C$245 million (C$0.50) for 1Q2006.

Is BHP Billiton, the global Australian mining and energy giant, down to its last strike in California after two state agencies turned an emphatic thumbs down on the company’s proposed $800 million, 800 MMcf/d offshore liquefied natural gas (LNG) receiving terminal? That’s the salient question hovering over the Southern California coast as BHP’s permitting and appeals processes play out.

Australian resources giant BHP Billiton’s proposed liquefied natural gas (LNG) terminal off the Southern California coast from Oxnard begins an uncertain two-week voyage Wednesday with state and federal environmental impact hearings. In the end, two state agencies may end up disagreeing on whether to recommend building the $550 million, 800 MMcf/d project.

Along with the much ballyhooed public offering by Nymex Holdings Inc. on Friday (see related story), utilities giant Constellation Energy Group Inc. (CEG) spun off its U.S.-based exploration and production (E&P) partnership last week to modest success. Tightly held midstream operator Targa Resources Inc. also announced plans for an offering next year of its considerable processing assets in North Texas.

A natural gas partnership spun off by utilities giant Constellation Energy Group Inc. (CEG) on Wednesday earned modest success, raising $94.5 million on 4.5 million common units. Constellation Energy Partners LLC, formed as a subsidiary by CEG in February 2005, was forecast to earn between $19 and $21 per unit, and it was trading in the high end of the forecast at midday.

Investment giant UBS on Friday said it acquired about 200 physical and financial natural gas positions of El Paso Corp.’s noncore merchant natural gas portfolio in late September. Terms of the transaction were not disclosed.

Investment giant UBS on Friday said it acquired about 200 physical and financial natural gas positions of El Paso Corp.’s noncore merchant natural gas portfolio in late September. Terms of the transaction were not disclosed.