With a flat U.S. horizontal rig count and a lower-priced backlog still to be worked through, the oilfield services sector didn’t have a lot of “classic” catalysts to propel them in 2Q2013, according to a preview by Tudor, Pickering, Holt & Co. (TPH).
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Industry Briefs
Macquarie Group has priced its first U.S. prepaid natural gas bond transaction for which it is the gas supplier. The transaction will provide Texas Municipal Gas Acquisition and Supply Corp. III (TexGas III) with a 20-year supply from Macquarie. TexGas III has sold and will issue fixed-rate U.S. dollar-denominated serial bonds maturing annually from December 2013 to December 2032 with annual yields of 0.75-4.05%. The bonds have a total par value of about $1.4 billion and were issued at a premium for total proceeds of $1.5 billion. They are rated “A3” by Moody’s Investors Service and “BBB” by Standard and Poor’s Ratings Services. Macquarie will supply 405 Bcf of gas over the term of the deal, which is subject to approval by the Texas Attorney General.
Natural Gas Reducing Emissions, Says Report
Low-priced natural gas supplies are a major reason that two key emissions from electric generation plants in the past two years have been reduced in nearly two dozen states affected by the U.S. Environmental Protection Agency’s (EPA) cross-state rule for air pollution, according to Bentek Energy LLC.
Low-Priced Gas Helps Generators Meet EPA Rule
Low-priced and abundant natural gas supplies are a major reason in the past two years that two key emissions from electric generation plants have been reduced in nearly two dozen states affected by the U.S. Environmental Protection Agency’s (EPA) cross-state rule for air pollution, according to a market alert from Bentek Energy LLC.
California Expects Abundant, Cheap Gas to Continue
Natural gas, bring it on! That captures the current outlook of California’s energy planners, who are counting on gas supplies to continue to be plentiful and low-priced in North America.
Shale Gas Seen Driving Long-Term Price Trend
Natural gas, bring it on! That captures the current outlook of California’s energy planners, who are counting on gas supplies to continue to be plentiful and low-priced in North America.
California Expects Abundant, Cheap Gas to Continue
Natural gas, bring it on! That captures the current outlook of California’s energy planners, who are counting on gas supplies to continue to be plentiful and low-priced in North America.
Industry Brief
Quicksilver Resources Inc. has priced a public offering of 6,967,844 units of BreitBurn Energy Partners LP. The units are offered at $16.52 each. Closing is expected to occur on or about Dec. 5. Analysts at Tudor, Pickering, Holt & Co. said the move was expected as part of Quicksilver’s liquidity plan (see Daily GPI, Oct. 21) and a “smart move to take advantage of an open equity/capital markets window.” Underwriters have been granted a 30-day option to purchase up to 1,045,177 additional units from Quicksilver to cover over allotments.
Marathon Doubles Up in South Texas Shale Play
In one of the highest-priced transactions to date in any U.S. shale play, Marathon Oil Corp. last week agreed to pay $3.5 billion, or as much as $25,000/acre, for 141,000 net acres in the Eagle Ford Shale of South Texas.
Marathon Doubles Up in South Texas Shale Play
In one of the highest-priced transactions to date in any U.S. shale play, Marathon Oil Corp. on Wednesday agreed to pay $3.5 billion, or as much as $25,000/acre, for 141,000 net acres in the Eagle Ford Shale of South Texas.