Lucid Energy Group LLChas finalized a $200 million revolving credit facility that will support growth in the Permian Basin. Together with private equity commitments from EnCap Flatrock Midstream and management, the credit facility provides Lucid with $425 million in available financing. Lucid increased its capital sources to support expansion of its pipeline gathering system and natural gas processing facilities in West Texas, which serve production from the Midland Basin’s Wolfcamp and Cline shales. Lucid’s system includes more than 300 miles of high- and low-pressure pipeline delivering liquids-rich natural gas to two separate cryogenic processing complexes in Sterling and Irion counties. The company has commissioned a third cryogenic processing plant and a nitrogen rejection plant in Sterling County. The new plant will bring Lucid’s processing capacity to 120 MMcf/d. Acreage dedications to Lucid exceed 800,000 acres across an eight-county area of the Midland Basin and include Wolfcamp Shale production centered in Irion, Reagan and Crockett counties and Cline Shale production centered in Sterling County.
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Frank Lindh, general counsel for the California Public Utilities Commission (CPUC), on Monday resigned his position at the state regulatory commission to become a partner at San Francisco-based law firm Crowell & Moring LLP. A former attorney at Pacific Gas and Electric Co., (PG&E) Lindh had been the CPUC’s top lawyer since 2008 and last year he and his department were involved in a public fight between the regulatory commission and the City of San Bruno. The skirmish involved the pending fines and penalties facing PG&E for its role in the 2010 natural gas pipeline rupture and explosion that killed eight people in a residential part of San Bruno (see Daily GPI, June 28, 2013).
East, Midwest, California Lead Market Lower Despite Cold; Futures Gain
Physical gas for Wednesday delivery plunged in Tuesday’s trading despite continued brutal cold across the Midwest as far east as the Mid-Atlantic.
DOE OKs FTA Exports From Alaska’s Kenai Terminal
The U.S. Department of Energy (DOE) has granted ConocoPhillips Alaska Natural Gas Corp. (CPANGC) authorization to export liquefied natural gas (LNG) from its facility on the Kenai Peninsula to countries that are parties to free trade agreements (FTA) with the United States.
U.S. Natural Gas Production Hit Record High 30.2 Tcf in 2013
December was a banner month for U.S. natural gas production, hitting a record high of 2.63 Tcf and pushing the 2013 year-end total to a record 30.17 Tcf, according to the Energy Information Administration (EIA).
EVEP’s Barnett Punched by Freeze-Outs in December
EV Energy Partners LP (EVEP), whose primary proved natural gas and liquids reserves are in the Barnett Shale, took a big hit from wintry weather in the final period of 2013, which contributed to poorer-than-expected performance for the quarter.
SandRidge Counting on Midcontinent for Turnaround
Production at SandRidge Energy Inc. stayed flat last year as the company continued to switch its operational focus to the Midcontinent, where it hopes to make gains this year and keep reducing costs.
Shale States Pushed 2013 U.S. NatGas Production to New High
December was a banner month for U.S. natural gas production, hitting a record high of 2.63 Tcf and pushing the 2013 year-end total to a record 30.17 Tcf, according to the Energy Information Administration (EIA).
Buyers Staring Cold In The Face, Going Lean for March Bidweek
March Bidweek prices were all over the map, with multi-dollar gains posted in the Midwest and multi-dollar losses seen in the Northeast. TheNGI March Bidweek national average was $5.84, down 74 cents from February, but tell that to buyers on the AlgonquinCitygates, who paid the month’s highest index at $15.52, down $19.98, or on Tennessee Zone 6 200 L where the March Index was $14.63, down $11.93. Lowest bidweek prices were seen on Transco Leidy, which was $1.91, down $1.43 from February, and Tennessee Zone 4 Marcellus, which was $1.93, down $1.47.
Appeals Court Sides With Dominion on Cove Point Exports
The Maryland Court of Special Appeals last Friday handed backers of the Dominion Cove Point liquefied natural gas (LNG) export project another victory in their battle with environmentalists.
