EP Energy Corp.has completed an initial public offering of 35.2 million shares of common stock at price of $20.00/share after its launch on the New York Stock Exchange (see Shale Daily, Jan. 17). The former El Paso Corp. exploration unit began trading on Jan. 17 (EPE). Underwriters have a month-long option to purchase an additional 5.28 million shares at the public offering price. At midday Thursday EPE was trading at around $18.60. Permian Basin explorer RSP Permian Inc., which launched with EPE for a similar price, raised close to $400 million; it recently was trading above $20.00. Appalachian explorer Rice Energy Inc. is set to launch Friday at similar terms (see Shale Daily, Jan. 13).
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Brigadier Gen. Jack Hagan said Wednesday he was retiring as director of the California Public Utilities Commission (CPUC) safety and enforcement division, a unit that was reorganized after the 2010 San Bruno transmission pipeline rupture (see Daily GPI, July 26, 2011). A former U.S. Marine infantry officer and member of the California governor’s homeland security unit, Hagan was brought in to the CPUC in 2012 to head the newly reorganized safety/investigative function at the commission (see Daily GPI, April 9, 2012). The CPUC has begun a search for Hagan’s replacement.
California Regulators, Lawmakers Need to Lead More, Official Says
California’s state regulators and legislators need to take a more aggressive energy leadership role if the nation’s most populous state is going to be on the cutting edge of energy efficiency and climate change mitigation, said an outgoing member of the California Public Utilities Commission (CPUC).
North Dakota Survey Finds Strong Support for Continued Energy Development
A clear majority of North Dakota residents supports expanding oil and natural gas development, indicating in a survey that the benefits outweigh the risks.
Chinese Pursue Canadian E&P Interests
China’s oldest oil and gas producer has established a toehold in Western Canada with a C$320 million ($288 million) takeover of a fledgling Alberta firm.
Eagle Ford Drives Comstock’s Shift to Oil From NatGas
Comstock Resources Inc. last year grew its oil production by 29% but saw natural gas production fall by close to one-third (32%), thanks in large part to its drilling program targeting the Eagle Ford Shale, the company said Tuesday.
Pennsylvania Governor’s Energy Plan Highlights Marcellus Benefits
Pennsylvania Gov. Tom Corbett on Tuesday rolled out a new energy plan aimed at business and industry leaders across the country that highlights the state’s competitive advantages and touts its oil and gas production as a beacon for national energy independence.
Clean Energy Group Issues Federal NatGas Policy Recommendations
Former Colorado Gov. Bill Ritter said President Obama “deserves credit for his resolve to take on climate change,” but he added that “considerable work by the administration” remains, and a privately funded clean energy group founded and chaired by Ritter said 29 policy recommendations covering natural gas issues should be enacted.
Correction
In Wednesday’s article It’s Back; Polar Vortex II Prompts New Gas Price Records (see Daily GPI, Jan. 21), NGI reported that Genscape’s Southeast Mid-Atlantic Natural Gas Basis Commentary revealed that demand in the region had decreased 6.67 Bcf/d from last week’s average of 13.97 Bcf/d to 7.21 Bcf/d. However, Genscape had issued a correction stating that Southeast Mid-Atlantic demand actually had increased by 0.4 Bcf/d to 15.8 Bcf/d from last week’s average of 15.4 Bcf/d. NGI regrets the error.
Propane Deliveries Falling Short in Bitter Cold
Bitter cold temperatures, high demand, dwindling supplies and high prices have all combined to create a “perfect storm” propane shortage, leaving suppliers scrambling and prompting nearly two dozen states and the federal government to take steps to ease the crisis.