Master

Tortoise Capital Advisors LLC, whose portfolio includes emerging exploration and production master limited partnerships (MLP), has formed an oil and gas company. Headquartered in Overland Park, KS, Tortoise Gas and Oil Corp. will have equity of $82.9 million and available capital of more than $100 million for direct investments in energy producers. “We formed Tortoise Gas and Oil Corp. primarily to respond to the growing need by private and public U.S. energy production partnerships for timely and flexible direct placement financing to fund internal growth projects and acquisitions,” said Managing Director David Schulte. “We intend to invest directly in privately held companies and publicly traded MLPs operating primarily in the upstream segment, and to a lesser extent the midstream segment, of the energy sector.” Tortoise now has about $10 million invested in High Sierra Energy LP, $10 million in International Resources Partners LP and $7.5 million in EV Energy Partners LP.

In light of the decline in publicly traded companies with substantial pipeline assets and the rise in master limited partnerships (MLP) in the pipe sector, FERC last Thursday issued a draft policy statement that would allow the use of MLPs in proxy groups to determine oil and natural gas pipelines’ returns on equity (ROE) for ratemaking purposes.

Williams is jumping on the master limited partnership (MLP) bandwagon with the announcement last week that it plans to create an MLP to own gas pipeline assets. The company also said it will repurchase up to $1 billion of its common shares.

Williams plans to create a publicly traded master limited partnership (MLP) to own natural gas pipeline assets. The company also said Friday it will repurchase up to $1 billion of its common shares.

In light of the decline in publicly traded companies with substantial pipeline assets and the rise in master limited partnerships (MLP) in the pipe sector, FERC Thursday issued a draft policy statement that would allow the use of MLPs in proxy groups to determine oil and natural gas pipelines’ returns on equity (ROE) for ratemaking purposes.

Petrohawk Energy Corp.’s decision to spin off some of its mature domestic assets into a master limited partnership (MLP) last week (see related story) highlights the “reemergence of one of the most important trends in U.S. energy markets,” according to an energy analyst.

Petrohawk Energy Corp.’s decision to spin off some of its mature domestic assets into a master limited partnership (MLP) (see Daily GPI, June 26) highlights the “reemergence of one of the most important trends in U.S. energy markets,” according to an energy analyst.

DTE Energy reached agreement to sell all of its Antrim Shale natural gas properties in Michigan to master limited partnership (MLP) Atlas Energy Resources LLC for $1.225 billion. DTE still has its Barnett Shale gas properties in Texas up for sale, but the CEO said last week the company will wait until a better offer is on the table.

DTE Energy reached a deal over the weekend to sell all of its Antrim Shale natural gas properties in Michigan to master limited partnership (MLP) Atlas Energy Resources LLC for $1.225 billion. DTE still has its Barnett Shale gas properties in Texas up for sale, but the CEO said Monday the company will wait until a better offer is on the table.