Fitch Ratings last week cut the debt ratings on Rockies Express Pipeline LLC (REX) and revised its outlook on the pipeline’s debt to “negative” from “stable” due to pushback from Marcellus and Utica shale gas supplies, which have cut the value of long-haul transportation capacity on REX from the Rockies to the East.
Revised
Articles from Revised
Fitch Cuts REX Rating on Marcellus/Utica Shale Cloud
Fitch Ratings Tuesday cut ratings on Rockies Express Pipeline LLC (REX) and revised its outlook on the pipeline’s debt to “negative” from “stable” due to pushback from Marcellus and Utica shale gas supplies, which have cut the value of long-haul transportation capacity on REX from the Rockies to the East.
EIA Cuts Gas Price Projection, Cites Bulging Supplies
The Energy Information Administration (EIA) has revised downward by 21% its projection for natural gas prices this year, citing abundant storage levels and prolific production.
Shell Gets Conditional OK to Explore Chukchi Sea
The federal government has conditionally approved Shell Gulf of Mexico Inc.’s revised exploration plan proposing to drill up to six exploration wells in Alaska’s Chukchi Sea beginning in the 2012 drilling season.
Pennsylvania Committee Moves Drilling Impact Fee Forward
A Pennsylvania state Senate committee passed amended impact fee legislation on Monday that returned an impact fee to the bill, added environmental safeguards and changed the way the bill would govern local ordinances over oil and gas drilling.
California Revises Self-Gen Incentives, Includes Cogen
In response to new state legislation (SB 412), California regulators on Thursday revised the state’s incentive program for on-site power generation, allowing up to 25% of the awards to go to nonrenewable combined heat and power (CHP) self generation that includes natural gas-fired cogeneration.
Southern Union, Williams to Discuss $9.4B Bid
Southern Union Co. agreed Friday to discuss a revised merger bid from Williams, which Thursday offered $44/share, or a total of $9.4 billion, to acquire the natural gas operator (see Daily GPI, July 15).
BP’s Credit Outlook Upgraded to ‘Stable’
BP plc’s operating performance remains “satisfactory overall,” which merits a revised outlook to “stable” from “negative,” Standard & Poor’s Ratings Services (S&P) said Wednesday.
Groups Say Position Limits Should Focus on Spot-Month Physical Contracts
Unless revised, the Commodity Futures Trading Commission’s (CFTC) proposed rulemaking on position limits for derivatives would have the unintended consequence of needlessly limiting commodity trading and harming liquidity and price discovery in the derivatives markets, the Natural Gas Supply Association (NGSA) and the National Corn Growers Association (NCGA) said in comments filed at the CFTC Monday.
Price Correction
NGI’s Shale Price Indices in Tuesday’s issue (No. 115) incorrectly reflected deals done Friday March 18 for gas delivery March 19 through March 21. The correct indices for deals done March 21 for March 22 delivery are attached and the issue’s pdf has been updated. ( click here for revised pdf )