Chesapeake Energy Corp. has OK’d plans to spin off its oilfield services operations as a stand-alone, with the launch scheduled for June 17.
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American Energy In $4.25B Multi-Basin Buying Spree
Affiliates of American Energy Partners LP (AELP) are picking up acreage in Texas, Ohio and West Virginia in a trio of deals worth a combined $4.25 billion, marking American Energy’s entry into the Permian Basin and the southern Marcellus Shale, and its continued expansion in the Utica Shale.
Sasol, Ineos to Partner in New Polyethylene Plant on Texas Gulf Coast
A partnership between units of Sasol Ltd. and Ineos Europe AG has reached a final investment decision (FID) to build a high-density polyethlyne (HPDE) plant in the La Porte, TX petrochemical complex southeast of Houston.
State Department: More Deadly Rail Wrecks if Keystone XL Not Built
The U.S. State Department has corrected several errors to its initial study examining the impact of the proposed Keystone XL pipeline, including a more than fourfold increase in the estimated number of deaths and injuries from rail accidents over a 10-year period without the pipeline.
Appalachian Operators Face Long List of Challenges, Report Says
In its fourth annual report examining the rapid pace at which oil and gas development is occurring across the Appalachian Basin, Pittsburgh-based law firm Babst Calland acknowledges that the list of challenges confronting the industry in Ohio, West Virginia and Pennsylvania is growing longer by the month.
People
Sharon Y. Bowenhas been sworn in as a Commissioner of the Commodity Futures Trading Commission following her approval by the Senate earlier in June (see Daily GPI,June 4). Bowen, who joins the Commission as the Democratic member, has been a partner with the New York office of Latham & Watkins LLP since 1991. Previously, she was vice chair of the Securities Investor Protection Corp. and became its acting chair in 2012. Bowen received her bachelors degree in economics from the University of Virginia, a masters degree from the Kellogg School of Management and a juris doctorate from Northwestern University School of Law.
Northeast Leads Weekend Decline; Futures Struggle Higher
Physical gas for weekend and Monday delivery shuffled lower in trading Friday as traders saw little reason to purchase a three-day package given near-normal temperatures and the ability to make weekend purchases from electronic devices.
Industry Briefs
Phillips 66is buying a 7.1 million bbl Texas Gulf Coast storage terminal near Beaumont from Chevron Group’s Unocal. The terminal will be the largest in the company’s portfolio. “This acquisition supports our midstream growth strategy,” said Phillips 66 President Tim Taylor. “Given our expectations for increasing volumes of North American crude oil movements into the Gulf Coast region and growth in refined product exports, the Beaumont Terminal is well positioned to serve this growing market while providing significant expansion potential.” The terminal has deepwater access and multiple interconnections with major crude oil and refined product pipelines serving 3.6 million b/d of refining capacity. It also has 4.7 million bbl of crude storage capacity and 2.4 million bbl of refined product storage. There are two marine docks capable of handling Aframax tankers and one barge dock, as well as rail and truck loading and unloading facilities. Closing is expected during the third quarter; deal terms were not disclosed.
Industry Briefs
Phillips 66 is buying a 7.1 million bbl Texas Gulf Coast storage terminal near Beaumont from Chevron Group’s Unocal. The terminal will be the largest in the company’s portfolio. “This acquisition supports our midstream growth strategy,” said Phillips 66 President Tim Taylor. “Given our expectations for increasing volumes of North American crude oil movements into the Gulf Coast region and growth in refined product exports, the Beaumont Terminal is well positioned to serve this growing market while providing significant expansion potential.” The terminal has deepwater access and multiple interconnections with major crude oil and refined product pipelines serving 3.6 million b/d of refining capacity. It also has 4.7 million bbl of crude storage capacity and 2.4 million bbl of refined product storage. There are two marine docks capable of handling Aframax tankers and one barge dock, as well as rail and truck loading and unloading facilities. Closing is expected during the third quarter; deal terms were not disclosed.
Physical, Futures Rise Step-For-Step In Weekly Trading
In a rare blend of physical and financial functionality both cash and futures rose 16 cents in trading for the week ended June 6. TheNGIWeekly Spot Gas Average nationally rose to $4.46, up 16 cents and the July futures added 16.8 cents to end the week at $4.710.