Under pressure from an activist investor, Spectra Energy Corp. (SE) said last week it would drop down all of its remaining U.S. transmission and storage assets to Spectra Energy Partners (SEP) by the end of the year.
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New CEOs Incoming at Marathon, Encana
Two of the biggest independent exploration and production companies in North America — Marathon Oil Corp. and Encana Corp. — last week tapped former Big Oil executives to helm their operations.
Demise of Oneok’s Marketing Arm a Sign of the Times
Oneok Inc.’s energy services segment, which markets and contracts to provide natural gas and transportation, has “contributed greatly” to the company’s past, but it’s no longer a good fit with today’s marketplace, CEO John Gibson said in a conference call last week.
Royalties Top 1,000% in Some Pennsylvania Counties
Rents and royalties reported on Pennsylvania income tax returns from 2006 to 2010 have increased 61% statewide, and 119% in counties with Marcellus Shale activity, according to a report by the Allegheny Institute for Public Policy (AIPP). Rent and royalty income for landowners and mineral rights owners in the state rose 34% in counties with no Marcellus activity.
Industry Briefs
Constitution Pipeline Co. LLC has filed with the Federal Energy Regulatory Commission for approval to build a pipeline to carry natural gas from northern Pennsylvania to Northeast markets, and Iroquois Gas Transmission has filed an application to build a key interconnect project. Constitution, owned by subsidiaries of Williams Partners LP, Cabot Oil & Gas Corp., Piedmont Natural Gas Co. and WGL Holdings, expects to complete the122-mile pipeline by spring 2015 (see NGI, June 3). The 30-inch diameter gas line initially would carry up to 650,000 Dth/d from Susquehanna County, PA, interconnecting with the Iroquois and Tennessee Gas Pipeline (TGP) systems in Schoharie County, NY. Constitution reached an agreement with Iroquois to expand the Wright compressor station to eliminate the need for a 32,0000 hp compressor facility in Schoharie County, NY (see NGI, Jan. 21). Iroquois requested that FERC issue its certificate by May 1, 2014 to meet an in-service date of March 31, 2015.
Chesapeake Shareholders Reject Two Board Members
Chesapeake Energy Corp. shareholders on Friday soundly rejected two board members up for reelection and approved three shareholder-initiated resolutions at the company’s annual meeting in Oklahoma City, signaling a turning point for the operator’s corporate governance and likely for the future of CEO Aubrey McClendon.
Best Natural Gas, Oil Growth Belongs to U.S., Says BP
BP plc’s annual benchmark review of world energy published last week sees continued growth in global natural gas resources, particularly in the United States, while oil worldwide lost market share for the 13th year in a row.
Lackluster Cash Trading Outdone By Futures Gains
The natural gas cash market on average slipped by a penny in Wednesday’s trading, with many points trading within just a few pennies of unchanged. Great Lakes locations were flat to a couple of pennies lower, and the Gulf mostly registered losses of 2-3 cents. California prices were squarely in the red. At the close of futures trading, July had added 5.3 cents to $3.777 and August was up by 5.4 cents to $3.797. July crude oil added a half buck to $95.88/bbl.
Demise of Oneok’s Marketing Arm a Sign of the Times
Oneok Inc.’s energy services segment, which markets and contracts to provide natural gas and transportation, has “contributed greatly” to the company’s past, but it’s no longer a good fit with today’s marketplace, CEO John Gibson said in a conference call Tuesday.
U.S. Records Highest Global Natural Gas, Oil Growth, Says BP
BP plc’s annual benchmark review of world energy sees continued growth in global natural gas resources, particularly in the United States, while oil lost worldwide market share for the 13th year in a row.