Plains

An agreement to expand drilling in waters controlled by California was announced Wednesday by Plains Exploration & Production Co. (PXP) and environmental groups.

With springtime weather abounding in most areas and forecasts of sub-freezing lows rare outside Canada and sections of the Upper Plains near the Canadian border, prices continued to drop in most of the market Monday. Last Friday’s decline of 10.9 cents by April futures further depressed cash prices, and the return of industrial demand from its usual weekend hiatus had virtually no supportive effect.

With springtime weather abounding in most areas and forecasts of sub-freezing lows rare outside Canada and sections of the Upper Plains near the Canadian border, prices continued to drop in most of the market Monday. Last Friday’s decline of 10.9 cents by April futures further depressed cash prices, and the return of industrial demand from its usual weekend hiatus had virtually no supportive effect.

Plains Exploration & Production Co. (PXP) last week raised its capital budget to $1.2 billion, up from a previous plan of $900 million to $1.1 billion, to develop a plethora of natural gas and oil prospects both onshore and offshore.

Plains Exploration & Production Co. (PXP) Thursday raised its capital budget to $1.2 billion, up from a previous plan of $900 million to $1.1 billion, to develop a plethora of natural gas and oil prospects both onshore and offshore.

Plains Exploration & Production Co. (PXP) Thursday raised its capital budget to $1.2 billion, up from a previous plan of $900 million to $1.1 billion, to develop a plethora of natural gas and oil prospects both onshore and offshore.

December blizzards in the Plains, Mid-Atlantic and New England and the wave of icy air that roared out of Canada and across the United States as far south as the Gulf Coast last week are the precursors to what could be the worst winter in 25 years, according to AccuWeather.com Chief Long Range Forecaster Joe Bastardi.

December blizzards in the Plains, Mid-Atlantic and New England and the current wave of icy air that has settled over much of the United States, particularly in the East as far south as Florida, are the precursors to what could be the worst winter in 25 years, according to AccuWeather.com Chief Long Range Forecaster Joe Bastardi.

A subsidiary of Plains All American Pipeline LP (PAA) will pay $220 million for Vulcan Capital’s 50% interest in PAA Natural Gas Storage, the companies said. The purchase price includes $90 million cash, 1.9 million PAA common units valued at $90 million and deferred contingent cash consideration up to $40 million. The transaction is expected to close Thursday. The transaction will give PAA 100% of the natural gas storage business and related operating entities, which will be accounted for on a consolidated basis. At closing PAA will repay the joint venture’s outstanding project finance debt using joint venture cash and borrowings under its revolving credit facility. As of June 30 the joint venture had approximately $450 million of debt and approximately $52 million of cash. PAA management intends to recommend to its board of directors an increase in the partnership’s quarterly distribution level to 92 cents/unit effective with the November distribution.