Oneok shares rose 13% Wednesday to more than $30/share and Northern Border Partners units jumped 12% to $49.20 after the companies along with TransCanada Corp. announced a complex series of transactions that will include the sale of Oneok’s gas pipelines, gathering, processing, storage and gas liquids assets to Northern Border Partners for $3 billion, including a greater stake in the partnership. The deals also include the purchase by TransCanada of a larger stake in Northern Border Pipeline Co.
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Venture Capital Continues to Pour into Clean Energy Space, Report Says
Venture capital investment in energy technologies — particularly wind, solar and biofuel — jumped to $917 million last year, compared to $716 million in 2004, according to the fifth annual “Clean Energy Trends Report” for 2006, prepared by Clean Edge, a green power consulting firm. Global solar and wind markets increased by 55% and 47%, respectively, to $11.2 billion and $11.8 billion in 2005, the report said.
Cooler Temps Help Lift Prices, But Storage Injections May Continue
A little colder weather had a significant impact on gas prices Wednesday as some points in the Northeast and Gulf Coast jumped more than $1. Midcontinent and Midwest markets were up 20-50 cents, and the West also posted gains between a few cents and about 35 cents depending on the location.
Chesapeake’s 3Q Gas-Heavy Output Jumps 28%
Chesapeake Energy Corp. said Monday its quarterly oil and natural gas production jumped 28% from the same period a year ago, to 1.308 Bcfe/d, with output up 5% sequentially from the second quarter. The producer, which focuses its exploration in the MidContinent, now estimates production will climb more than 25% this year, with organic growth through 2006 exceeding 10%.
Wyoming Backs Cross-Country Pipeline Proposed by Kinder Morgan, Sempra
The state of Wyoming has jumped on board as a partner in the ambitious cross-country gas pipeline project announced a few weeks ago by Kinder Morgan Energy Partners and a unit of Sempra Energy.
Cheniere Stock Soars as Chevron Maintains Stake in Sabine Pass LNG Capacity
Cheniere Energy shares jumped 9% Thursday to $31.25 after the company said in a filing with the Securities and Exchange Commission that Chevron has elected to retain its capacity agreement for 700 MMcf/d of throughput at the proposed Sabine Pass LNG terminal in Louisiana. Chevron had an option to scale back its capacity at the terminal to 500 MMcf/d under a 20-year deal it signed with Cheniere last November.
North American Rig Count Up 8% Over Year Earlier
The number of rigs drilling for oil and natural gas in North America last week jumped 8% over a year ago, as exploration and production companies continued to take advantage of higher commodity prices.
ATP’s ’04 Production Up 31%
Houston-based ATP Oil & Gas Corp. said Wednesday its 2004 production jumped 31%, to 22.4 Bcfe, mostly on the success of some fields in the North Sea and in the Gulf of Mexico (GOM). Fourth quarter production alone was up 81% over 2003 levels to 5.9 Bcfe.
Pioneer Increases Production; Quarterly Earnings Jump 78%
Dallas-based independent Pioneer Natural Resources Co. beat 4Q2004 Wall Street forecasts on higher oil and natural gas prices, and earnings jumped 78% compared with a year ago.
Pioneer Increases Production; Quarterly Earnings Jump 78%
Dallas-based independent Pioneer Natural Resources Co. beat 4Q2004 Wall Street forecasts on higher oil and natural gas prices, and earnings jumped 78% compared with a year ago.