El Paso Corp. has rescheduled a special meeting to vote on its merger with Kinder Morgan Inc. (KMI) to Friday (March 9) from Tuesday (March 6). The change was made to allow shareholders additional time to consider and and possibly recast their vote following the Delaware Chancery Court opinion rendered in Case No. 6949-CS (see Daily GPI, March 2). Delaware Chancellor Leo Stine said he would not stop El Paso shareholders from voting on the proposed takeover by KMI but he said they likely had cause to file lawsuits because the merger was “tainted by disloyalty” and “disturbing” behavior by El Paso CEO Doug Foshee and Goldman Sachs Group Inc. In addition, since El Paso mailed its definitive proxy statement for the special meeting in late January, the company has agreed to sell the exploration and production business, EP Energy Corp., to affiliates that include Apollo Global Management LLC and Riverstone Holdings LLC, a deal that is tied to the KMI merger (see Daily GPI, Feb. 27). According to proxy solicitor MacKenzie Partners Inc., as of March 2 about 70% of El Paso’s outstanding shares had been voted in connection with the KMI transaction, with more than 98.5% voting in favor of the proposal to adopt the merger agreement. The special meeting is to be held at 9 a.m. CT at the Hyatt Regency Houston, 1200 Louisiana St., Houston.
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Sabine Liquefaction Advancing, But Cheniere Reports Losses
Sabine Pass Liquefaction LLC made “significant progress” on its liquefied natural gas (LNG) terminal project in 2011, but that wasn’t enough to keep red ink from marring Cheniere Energy Inc.’s bottom line, the company said Friday.
In Shales U.S. Has Something Many Want
U.S. resource plays that are spewing out natural gas and oil have virtually cleared producer calendars of speculative drilling and made for an energy supply bounty that is becoming the envy of numerous companies around the world, speakers at a Houston energy conference said.
Anadarko Ramping Up in GOM
During the fourth quarter, Anadarko Petroleum Corp. made its first post-drilling/permitting moratorium in the deepwater Gulf of Mexico (GOM) at the Cheyenne East prospect, which CEO Jim Hackett said heralds the company’s and the industry’s return to the GOM.
Eastern Cash Expected to Be Higher Friday As Cold Moves In
Cash market quotes nationally were mostly unchanged, but prices declined sharply at New England points and made gains at Midwest locations. A smaller-than-expected inventory draw of 78 Bcf prompted initial futures declines, but traders reconsidered and prices staged a modest advance on the day. At the close March had risen 2.9 cents to $2.477 and April had improved 3.8 cents to $2.636. March crude oil rose $1.13 to $99.84/bbl.
Anadarko Ramping Up in GOM
During the fourth quarter, Anadarko Petroleum Corp. made its first post-drilling/permitting moratorium in the deepwater Gulf of Mexico (GOM) at the Cheyenne East prospect. CEO Jim Hackett said it heralds the company’s and the industry’s return to the GOM.
BLM Reduces Piceance Acreage Available for Oil Shale, Tar Sands
The Interior Department’s Bureau of Land Management (BLM) Friday issued a draft proposal, cutting in half the public lands that could be made available in three western states, and limiting activities to early research and development projects for oil shale and tar sands resources.
BLM Reduces Piceance Acreage Available for Oil Shale, Tar Sands
The Interior Department’s Bureau of Land Management (BLM) Friday issued a draft proposal, cutting in half the public lands that could be made available in three western states, and limiting activities to early research and development projects for oil shale and tar sands resources.
Statistics Affirm Texas Energy Capital Status
While Texas natural gas production, prices and revenues fell in 2011, the state’s oil production, prices and revenues more than made up the difference, driving a 15% increase in industry employment, according to the Texas Petro Index (TPI) year-end numbers for 2011.
Pennsylvania Groups: Break Up the Impact Fee
A coalition of environmental groups is calling on Pennsylvania lawmakers to take a new approach in their ongoing efforts to approve an impact fee on natural gas drilling in the state, either by starting the process over or dividing the omnibus legislation into four separate bills.
