Marketer

There’s a downside to being a top energy marketer — everyone wants to hire your employees. BP plc CEO Tony Hayward said Tuesday the company has lost its fair share of energy traders to investment banks in recent months, but he said the company will not overpay to retain talent.

As a marketer had predicted a day earlier, a majority of the cash market was able to continue ascending Tuesday — but by considerably smaller amounts (except in the rebounding Rockies) than on Monday. In addition, there were more flat to softer points as cooling trends began to reduce power generation demand in key northern market areas.

BP Energy Co.’s ability to market natural gas in the western United States has improved with the completion of its acquisition of Salt Lake City-based marketer Wasatch Energy LLC. The acquisition was announced in December (see NGI, Dec. 25, 2006). The deal, for an undisclosed amount, gives BP Energy all of Wasatch’s natural gas business and assets, including commercial and industrial sales contracts and producer services contracts. Wasatch’s 42 employees also were offered the opportunity to transfer to BP Energy. Wasatch has a portfolio of 350,000 MMBtu/d of gas purchase, transportation and sales activity across 10 western states that serve about 500 commercial and industrial customers and 100 producers. Its sales offices are located in New Mexico, Colorado, Washington, and California.

BP Energy Co.’s ability to market natural gas in the western United States has improved with the completion of its acquisition of Salt Lake City-based marketer Wasatch Energy LLC. The acquisition was announced in December (see Daily GPI, Dec. 22, 2006).

FERC on Wednesday approved Northwest Pipeline Corp.’s proposal to build a lateral in Colorado to transport natural gas for affiliate Williams Power Co. Inc., a power and gas marketer.

The banking/brokerage link-up with energy trading is continuing. Lehman Brothers Merchant Banking has taken a one-third interest in Houston-based energy marketer Eagle Energy Partners. Lehman, producer Chesapeake Energy, and Eagle management each will own one-third of the company.

Lehman Brothers Merchant Banking is taking a one-third interest in Houston-based energy marketer Eagle Energy Partners. When the deal is complete Lehman, producer Chesapeake Energy, and Eagle management each will own one-third of the company.

Australian-based Macquarie Bank Group said Thursday it plans to acquire Los Angeles-based energy marketer Cook Inlet Energy Supply LLC for an undisclosed price. Founded in 1991, Cook Inlet provides physical natural gas trading, transportation and storage services to North American natural gas producers, utilities, wholesalers, and industrial end users.

Escalating natural gas prices forced Illinois retail gas marketer Santanna Energy to file for Chapter 11 bankruptcy protection on Monday just a few days after Illinois Attorney General Lisa Madigan filed a lawsuit in Cook County Circuit Court against the company because it reneged on its fixed-rate contract offerings to about 15,000 northern Illinois residential customers.