Low commodity prices and the consequent slowdown in the natural gas patch prompted Williams Partners to slash its 2016 capital spending plan by $1.2 billion — a reduction of 32% to about $2.1 billion from previous plans as projects are deferred, delayed or canceled.
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Three of the top 10 U.S. companies in the Fortune 500 listing for 2015 are directly involved in natural gas and oil production — No. 2 ExxonMobil Corp., No. 3 Chevron Corp. and No. 7 Phillips 66 — and two more are big contributors to the domestic energy sector, No. 4 Berkshire Hathaway and No. 8 General Electric.
Building on an already strong relationship in Ohio’s Utica Shale, Rice Energy Inc. and Gulfport Energy Corp. have agreed to spend $640 million under a midstream joint venture (JV) aimed at supporting Gulfport’s growing dry natural gas production in Belmont and Monroe counties.
Management of Williams and master limited partnership (MLP) Williams Partners has cut its expectations for revenue from operations serving rich gas production. Meanwhile, it is still waiting for market commitments that would make its proposed Marcellus/Utica-focused Appalachian Connector pipeline project a go.
After multiple delays, Williams Partners LP’s repaired and expanded Geismar Olefins plant in Louisiana is expected to begin manufacturing ethylene for sale next month, the company said.
Oneok Partners LP has completed its acquisition of natural gas liquids (NGL) pipelines and associated assets in the Permian Basin from unnamed affiliates of Chevron Corp. for about $800 million.
The Pennsylvania Department of Environmental Protection (DEP) has fined a Regency Energy Partners LP unit $306,570 for multiple violations related to the construction of two natural gas pipelines by an affiliate of PVR Energy Partners LP.
A Global Infrastructure Partners (GIP) fund is acquiring a 25% stake in Freeport LNG Development LP from a consortium of institutional investors managed by Hastings Funds Management (USA) Inc. and Zachry American Infrastructure LLC.
A private equity fund sponsored by oil industry stalwart T. Boone Pickens has committed $75 million to a joint venture that would provide natural gas produced at the wellhead to power onsite drilling services.
Access Midstream Partners LP on Friday appeared to continue a push aimed at purchasing the remaining midstream assets of Chesapeake Energy Corp. when it announced the acquisition of 103 compression units servicing gathering systems in the Appalachian Basin for $160 million.