Cheniere Energy Inc. has closed on two investment agreements for 70% interest in its proposed Freeport, TX liquefied natural gas (LNG) receiving terminal project, bringing the facility one step closer to fruition. The Houston-based Cheniere will retain a 30% interest.
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Galaxy Energy Taps Horizon Exploitation Fund to Finance Wyoming CBM
Seeking out an investor to finance its coalbed methane (CBM) exploration in Wyoming, Galaxy Energy Corp. said last week that it has entered into a funding agreement with Horizon Exploitation Inc., a U.S. affiliate of the German-based Horizon Exploitation Fund GmbH & Co. KG, managed by Rhein Investors AG. in Basil, Switzerland.
Galaxy Energy Taps Horizon Exploitation Fund to Finance Wyoming CBM
Seeking out an investor to finance its coalbed methane (CBM) exploration in Wyoming, Galaxy Energy Corp. said Wednesday that it has entered into a funding agreement with Horizon Exploitation Inc., a U.S. affiliate of the German-based Horizon Exploitation Fund GmbH & Co. KG, managed by Rhein Investors AG. in Basil, Switzerland.
CA Independent Shows 3rd Quarter Profit, But Prospects Stymied
Although still fighting investor resistance on some of its pet projects, Bakersfield, CA-based Tri-Valley Corp., one of California’s more aggressive independent oil/gas developers, Wednesday reported a profit for the third quarter, along with estimates for a profit for all of 2002.
Moody’s Puts NUI’s Debt Securities Under Review for Possible Downgrade
Sparked by the company’s earnings guidance reduction last week, Moody’s Investor’s Service said Monday it has placed the debt ratings of NUI Utilities, Inc. (“NUI”) and that of its parent holding company, NUI Corp. under review for possible downgrade. The review affects approximately $260 million and $60 million of NUI Utilities’ and NUI Corp.’s debt securities, respectively.
TXU Lowers Earnings Forecasts for 2002-03; Cites UK Losses
TXU Corp., which so far had remained unscathed in either rumor, innuendo or loss of investor confidence, saw the lights dim Friday after drastically revising downward its earnings forecasts through 2003. By midday, credit ratings agencies were re-evaluating the company’s operations, and investors were selling off their stocks in record numbers.
TXU Lowers Earnings Forecasts for 2002-03; Cites UK Losses
TXU Corp., which so far had remained unscathed in either rumor, innuendo or loss of investor confidence, saw the lights dim Friday after drastically revising downward its earnings forecasts through 2003. By midday, credit ratings agencies were re-evaluating the company’s operations, and investors were selling off their stocks in record numbers.
El Paso Tries to Dispel Investor Concerns; Moody’s Downgrades Debt
Houston-based El Paso Corp. sent an e-mail to investors and industry analysts Monday in an attempt to dispel rumors that its off-balance sheet arrangements were “negatively impacting” the company’s stock. The company took this action after its stock nose-dived on Wall Street last week following an unfavorable ruling from a Federal Energy Regulatory Commission judge about El Paso’s pipeline.
Moody’s Cuts NUI on Weather, Trading Issues
Moody’s Investor’s Service downgraded the senior unsecured debt of Bedminster, NJ-based NUI Utilities to Baa1 from A3 and the senior unsecured debt of its non-regulated parent, NUI Corp., to Baa2 from Baa1, with a negative outlook. NUI’s earnings and cash flow have been under pressure by warm winter weather, a lackluster economy and the unfavorable market conditions in the marketing and trading business.
Moody’s to Assign Liquidity Ratings for Junk-Rated Companies
For companies whose debt level falls to “junk” status, Moody’s Investor Service plans to begin assigning “Speculative Grade Liquidity Ratings,” or SGLs, to isolate its opinion of an issuer’s liquidity risk. The ratings will specifically rate a junk-rated company’s liquidity over a 12-month period using four grades, from “very good” to “weak.”