WhiteHawk Energy LLC has acquired $100 million in institutional investor funding to be used in buying mineral and royalty assets in shale plays in the United States. An initial $20 million would fund closing of a purchase of Haynesville Shale mineral and royalty assets covering 375,000 gross unit acres. The Haynesville assets are being bought…
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Spectra Urged to Do More to Boost Profitability
Spectra Energy Corp.’s (SE) recent announcement that it would accelerate dropdowns to Spectra Energy Partners (SEP) did not placate activist investor Sandell Asset Management, which has called again for further action and threatened to seek changes to the company’s board.
Spectra Stepping Up MLP Dropdowns
Under pressure from an activist investor, Spectra Energy Corp. (SE) said last week it would drop down all of its remaining U.S. transmission and storage assets to Spectra Energy Partners (SEP) by the end of the year.
Natural Gas to Dominate Power Sector, Says Calpine CEO
Natural gas, driven by a 100-year supply, will be the dominant fuel in the next 20 years, Calpine Corp. CEO Jack Fusco told an investor conference Wednesday in Houston.
Private Equity Targets Deepwater GOM
Private equity (PE) upstream investor Ridgewood Energy Corp. is partnering with a fund managed by Riverstone Holdings LLC to invest more than $550 million in a series of deepwater exploration projects in the Gulf of Mexico (GOM).
Deepwater GOM Ventures Targeted by Private Equity
Private equity (PE) upstream investor Ridgewood Energy Corp. is partnering with a fund managed by Riverstone Holdings LLC to invest more than $550 million in a series of deepwater exploration projects in the Gulf of Mexico (GOM).
Mississippian Paying Off for SandRidge; Market Wary
SandRidge Energy Inc.’s transition from a natural gas producer to an oil explorer appears to be paying off, with the company’s Mississippian Lime operations experiencing success and its bottom line improving, but the market seems unconvinced.
Big Bakken E&P Hit by Investor Unit for Flaring
A socially focused investor group has submitted a shareholder resolution aimed at reducing volumes of flared natural gas at oil wellheads. Mercy Investment Services has targeted Oklahoma-based Continental Resources Inc., the leading exploration and production (E&P) operator in North Dakota’s Bakken Shale and Three Forks plays.
Moody’s Cuts Rockies Express Outlook to ‘Negative’
Moody’s Investor Service on Wednesday said it was changing its outlook for Rockies Express Pipeline LLC (REX) from “stable” to “negative,” citing concerns over a possible decline in the natural gas pipeline company’s earnings in late 2014 and its long-term competitiveness.
Industry Briefs
The Oregon Public Utility Commission (PUC) cut rates for the three major investor-owned natural gas utilities in the state, responding to the continuing low wholesale prices for gas. The new rates take effect Thursday. Portland, OR-based NW Natural, which separately received a small general rate hike, its first in 10 years (see Daily GPI, Oct. 31), will cut its rates by 6.9%, or about $4.36/month for a typical residential customer. Spokane, WA-based Avista Utilities customers will see rates drop 7.7%, or on average about $4.78/month for residential customers. MDU Resources Group’s Kennewick, WA-based Cascade Natural Gas Corp. rates were cut 17.3%, or a decrease on average of $9.79/month for a residential customer. A purchased gas adjustment allows the PUC to have the gas utilities adjust their rates up or down annually to reflect changes in the average price of gas supplies the utilities purchase on the interstate market.