Despite charting a net loss for the third quarter, management of contract drilling services provider Patterson-UTI Energy Inc. sees the industry turning a corner as more of its rigs are turning to the right.
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Seal Beach, CA-based Clean Energy Fuels Corp. said Friday it has agreed to acquire Dallas, TX-based BAF Technologies Inc., a U.S. provider of natural gas vehicle systems and conversions. Clean Energy is a supplier of natural gas and gas-related infrastructure to the transportation sector — both compressed natural gas (CNG) and liquefied natural gas (LNG).
A major retail gas provider of Hawaii, The Gas Company LLC (TGC), said Monday it has signed a memorandum of understanding (MOU) with California-based Primoris Renewables to jointly develop the production of up to half the utility’s synthetic gas supplies from renewable resources in the next five years. Both companies said they intend for the MOU to lead to a joint development agreement.
FERC has issued a favorable environmental assessment (EA) to Atmos Pipeline and Storage LLC, an affiliate of of natural gas distribution provider Atmos Energy Corp., to build a nearly 25 Bcf high-deliverability storage facility in Fort Necessity in northeastern Louisiana.
Atmos Pipeline and Storage LLC, an affiliate of of natural gas distribution provider Atmos Energy Corp., has filed an application at FERC seeking authorization to build a 25 Bcf high-deliverability storage facility in Fort Necessity in northeastern Louisiana.
Pulling energy professional resources provider Skipping Stone out from under the Commerce Energy umbrella, Skipping Stone President Greg Lander and founder Peter Weigand have partnered to acquire the company for an undisclosed sum. Founded by Weigand in 1996, Skipping Stone will continue to focus on the energy industry. The partners are expanding the company’s existing consulting service offerings to add interim management and contract resources, as well as executive search services. “We are pleased with the transaction and believe it results in Skipping Stone being better positioned to serve its clients by returning to its original focus of providing clients with seasoned energy industry veterans to help develop and evaluate strategic alternatives, pursue opportunities and solve problems,” said Lander. The purchase included all of the assets, intellectual property, client contracts and the operational and consulting personnel. Included in the assets is Capacity Center, www.capacitycenter.com, a wholly owned subsidiary that provides interstate gas pipeline capacity release transactions and other capacity and operational information to physical and financial trading companies and the Federal Energy Regulatory Commission. Skipping Stone’s headquarters are in Boston with additional locations in Chicago, Houston, Tampa and Orange County, CA. The company has more than 200 clients worldwide in the natural gas, electricity, renewable energy, software and clean energy technology markets.
With global insurance provider American International Group (AIG) continuing to cast a dark shadow over Wall Street, Standard & Poor’s Ratings Services (S&P) Thursday said it was changing the outlook on two major Southern California-based municipal utility natural gas 20-year prepay deals in which AIG has a key role in underpinning more than $1 billion worth of bonds.
Commercial finance provider CIT Group Inc. has arranged $125 million in senior secured financings for Arcadia Gas Storage, a salt dome gas storage facility to be developed in north-central Louisiana (see Daily GPI, Jan. 25, 2007). Arcadia is owned by Cardinal Gas Storage, a 50/50 joint venture of Martin Resource Management Corp. and Energy Capital Partners. The facility is to be constructed in two phases over the next three years and will have 7.8 Bcf of working capacity. Financing for the transaction was provided by CIT Energy, a unit of CIT. The senior secured credit facilities included construction, pad gas and accordion financing.
Regency Energy Partners LP on Tuesday completed its previously announced $85 million acquisition of Nexus Gas Holdings LLC, a midstream provider of natural gas gathering, dehydration and compression services.
IHS Inc., a global provider of technical information, decision-support tools and strategic services, said last week it had agreed to pay $48 million cash for John S. Herold Inc., a Norwalk, CT-based independent research firm founded in 1948 that provides analyses and financial and operational data on more than 400 global oil and gas companies.