Preferred

Even with more cooperation between state and federal officials in the testing of ground water in Pavillion, Wyoming Gov. Matt Mead said Tuesday that unilateral actions by the U.S. Environmental Protection Agency (EPA) are raising concerns.

Fitch Ratings late Friday downgraded Chesapeake Energy Corp.’s issuer default rating (IDR) and senior unsecured ratings to “BB-” from “BB,” cut preferred stock ratings to “B” from “B+” and affirmed the senior secured revolving credit facility at “BBB-.” The IDR is a relative measure of default probability.

Rex Energy Corp. is past the halfway point in its Marcellus Shale work plan but now needs a new CEO to guide the second half.

A continuing heat wave in the East and a tropical depression in the western Gulf of Mexico (GOM) were essentially insignificant to the cash market Thursday. It preferred to follow the previous day’s futures drop of 11.7 cents in falling at nearly all points.

Dallas-based Energy Transfer Equity LP (ETE), the owner of the general partner of Energy Transfer Partners LP (ETP), agreed to acquire the general partner of Regency Energy Partners LP for close to $300 million. ETE would use preferred units to acquire the full stake in Regency’s general partner from an affiliate of GE Energy Financial Services, a unit of General Electric. Under the terms of the transaction agreements, ETP is to transfer a 49.9% interest in Midcontinent Express Pipeline LLC (MEP) to ETE in exchange for the redemption of 12.3 million ETP units. ETE then would exchange the interest in MEP with Regency for 26.3 million new Regency common units. Once completed, ETE would own about 22% of Regency’s outstanding common units and 28% of ETP’s outstanding common units. Kinder Morgan Energy Partners would retain its half stake in MEP.

The Agriculture Department’s U.S. Forest Service has issued a record of decision (ROD) designating energy corridors in the West as preferred locations for oil and natural gas production, hydrogen pipelines and electricity transmission and distribution lines.

The transaction is valued at $2.3 billion. Ameren assumed about $1.8 billion in IP debt and preferred stock, placed $100 million in a six-year escrow account for contingent environmental liabilities, and it paid the balance in cash to Dynegy.

Natural gas and propane were the preferred source of home heating for seven of every 10 single-family homes built in 2003, according to the U.S. Census Bureau’s latest “Characteristics of Housing” report. The study also found that gas was also the choice for a majority of multi-family homes built that year.

Natural gas and propane were the preferred source of home heating for seven of every 10 single-family homes built in 2003, according to the U.S. Census Bureau’s latest “Characteristics of Housing” report. The study also found that gas was also the choice for a majority of multi-family homes built that year.