Chesapeake Energy Corp. added about 13,000 net acres to its Haynesville Shale position in a $263 million agreement with International Paper (IP), based in Memphis, TN. The proceeds are to be used to pay down debt, said IP CEO John Faraci. The transaction is set to close in August. Based on the company’s internal research, Chesapeake’s Haynesville Shale play potentially could have a larger impact on the company than any other play, according to Chesapeake CEO Aubrey McClendon. Chesapeake is currently using four operated rigs to further develop its 300,000-plus net acres of leasehold and expects to be operating up to 12 rigs by year-end 2008 and up to 20 rigs by year-end 2009.
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GasMart Brings Natural Gas Market Network Center to Chicago
Natural gas buyers, from metals companies to food and paper processing conglomerates, power generators and some of the largest chain stores, all will be attending the GasMart 2007 conference hosted by Intelligence Press Inc. (IPI) in the Hyatt Regency McCormick Place Hotel in downtown Chicago, May 9-11. This 21st annual event features an all-new focus on its exclusive Market Network Center where buyers and sellers meet.
GasMart Brings Natural Gas Market Network Center to Chicago
Natural gas buyers, from metals companies to food and paper processing conglomerates, and some of the largest chain stores, will be attending the GasMart 2007 conference hosted by Intelligence Press Inc. (IPI) in the Hyatt Regency McCormick Place Hotel in downtown Chicago, May 9-11. This 21st annual event features an all-new focus on its exclusive Market Network Center where buyers and sellers meet.
Next Mexican President Will Lack Votes to Reform Energy Sector
Felipe Calderon, Mexico’s apparent president-elect, holds a resume that on paper would appear to give him an edge in boosting Mexico’s energy fortunes. Harvard-educated and well-connected, Calderon served as energy minister under outgoing President Vicente Fox for nine months (see NGI, June 7, 2004; Sept. 15, 2003). But if Calderon succeeds Fox into office this December, his impressive credentials are expected to matter very little in a country apparently more concerned about national pride than its stagnant energy resources.
New Mexican President Lacks Votes to Reform Energy Sector
Felipe Calderon, Mexico’s apparent president-elect, holds a resume that on paper would appear to give him an edge in boosting Mexico’s energy fortunes. Harvard-educated and well-connected, Calderon served as energy minister under outgoing President Vicente Fox for nine months (see Daily GPI, June 2, 2004; Sept. 9, 2003). But if Calderon succeeds Fox into office this December, his impressive credentials are expected to matter very little in a country apparently more concerned about national pride than its stagnant energy resources.
Moody’s Says Raised Unocal Bid Won’t Impact Chevron’s Ratings
Chevron Corp.’s sweetened bid for Unocal Corp. won’t affect Chevron’s credit ratings (Aa2 senior long-term, Prime-1 commercial paper), Moody’s Investors Service said Thursday. Chevron increased the cash portion of its offer for Unocal on Wednesday to $7.5 billion from $4.4 billion, valuing the total transaction at $17.8 billion, including a reduced amount of net debt to be assumed (see Daily GPI, July 21). Unocal’s board has recommended that its shareholders approve the proposed merger in a special meeting scheduled for Aug. 10.
Gas Draws Largest Numbers on EnronOnline
Out of the multiple commodities now trading on EnronOnlineworldwide, including gas, power, oil, coal, pulp and paper, cleanair credits, bandwidth, weather and credit derivatives,petrochemicals and plastics, North American natural gas still topsthe list of most actively traded. The rapidly growing e-commercesite, which Enron claims is the world’s largest with more than $50billion in transactions so far this year, now consumes much morethan 50% of Enron’s wholesale commodity transactions, includingmore than 10 Bcf/d of in the first quarter.
Hebert Steps Out in Front on Gas Issues
While FERC’s regulatory gas options paper so far has been kepttightly under wraps, Commissioner Curt L. Hebert Jr. clearly is nothiding his views on some of the most important issues theCommission will face over the next few years. In an articlepublished in the Energy Law Journal, Hebert begins to tackle thequestion of how the Commission can “develop incentives that willspur the industry to act more competitively.”
FERC Gears up to Tackle Gas Issues
A FERC options paper outlining various gas issues, whichCommission staff has been compiling since last fall, is scheduledto go to the full Commission next week – an indication FERC willtake action very soon. Commissioners are at odds, however, overwhether the gas issues will be addressed on a comprehensive basisor individually.