Next Decade LLC has signed an agreement with CB&I for the front end engineering design (FEED) and engineering, procurement and construction (EPC) terms for the Rio Grande Liquefied Natural Gas (LNG) export project in Brownsville, TX. The project attained pre-filing status at the Federal Energy Regulatory Commission last March (see Daily GPI,March 23). The Brownsville project, known as Rio Grande LNG, is a land-based LNG export project located on a 1,000-acre site along the northern shore of the Brownsville Shipping Channel. The project includes plans for up to six liquefaction trains with a nominal output capacity of 4.5 million tonnes of LNG per train per year. The facility is to be constructed in phases timed to meet market demand. The 1planned 40-mile proposed Rio Bravo Pipeline will supply the facility with its feed-gas, connecting the facility to the highly liquid Agua Dulce natural gas market hub.
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Goodrich Petroleum Corp. announced the retirement of Patrick E. Malloy III as board chairman, due to health reasons. Malloy, 72, had served on the board since 2000 and as chairman since 2003. The company said it would designate a new chairman at its next board meeting. “On behalf of all the directors of Goodrich Petroleum, we are saddened by Pat’s departure from the board and the reasons for the departure,” said CEO Walter G. “Gil” Goodrich. “We extend our thanks to him for approximately 15 years of dedicated service and the leadership he brought to the company. We wish him nothing but the best and renewed good health.”
NatGas Physical and Futures Score Modest But Opposite Moves; Futures Add 4 Cents
Next-day physical natural gas prices eased in Wednesday’s trading as weather forecasts proved uninspiring to either bulls or bears and power prices held steady.
Traders Eyeing Production, Storage; June NatGas Seen 2 Cents Lower
June natural gas is set to open 2 cents lower Wednesday morning at $2.88 as traders eye hefty triple-digit increases in natural gas storage but at the same time recognize a deeply oversold market. Overnight oil markets rose.
Williams Rolling Up MLP, Embracing Simpler C-Corp. Structure
Williams is to acquire all of the outstanding units of Williams Partners LP in an all stock-for-unit deal that will lower the cost of capital for Williams and simplify its structure. The transaction follows a similar move by Kinder Morgan Inc. last year that did away with its master limited partnership (MLP) structure.
Battened-Down PVA Focused on Costs, Efficiencies
Eagle Ford Shale-focused Penn Virginia Corp. (PVA) felt the pain of lower revenues and higher operating expenses during the first quarter compared with the fourth, but the company has been making headway on its top priorities: cutting costs and improving efficiencies, CEO Baird Whitehead said Tuesday.
MarkWest Processes Record 5.4 Bcf/d, Expanding Texas Plant, Delaying Others
MarkWest Energy Partners LP said it processed a record 5.4 Bcf/d of natural gas and became the nation’s second-largest processor in 1Q2015. The company also announced plans to expand its Carthage Processing Facility in Panola County, TX, to support wet gas production in the Haynesville Shale.
Despite Drought, California Has Strong Summer Power Outlook, CAISO Says
Even if the summer turns much hotter than normal, drought-plagued California will have plenty of electricity, according to a recent assessment by the California Independent System Operator (CAISO).
Smarter, Fewer Shale Plays to Pay Off for Encana, Execs Say
Concentrating on four principal shale plays — two on each side of the U.S.-Canada border — Calgary-based Encana Corp. anticipates sustained production growth in a $50/bbl environment after taking a $1.7 billion financial hit in the first quarter from an impairment charge tied to oil and natural gas price declines and a foreign exchange loss.
NatGas Price Rebound Unlikely Anytime Soon, EOG Exec Says
Natural gas prices are likely to stay low until there is some significant U.S. demand side growth, and that is not likely to happen until after 2017 when liquefied natural gas (LNG) exports and an expansion of the petrochemical sector kick in, an EOG Resources Inc. senior executive, Billy Helms, told financial analysts Tuesday at the Citi 2015 Global Energy and Utilities Conference in Boston.
