Devon Takes Sumitomo as Partner in Permian

Devon Energy Corp. last week secured $1.4 billion from Japan’s Sumitomo Corp. in exchange for a 30% stake in 650,000 net acres in the Permian Basin’s Cline and Midland-Wolfcamp shales.

August 6, 2012

MarkWest Utica Secures New Agreements, Expands Ohio System

MarkWest Utica EMG LLC, a partnership between Appalachian midstream provider MarkWest Energy Partners LP and private equity fund The Energy and Minerals Group (EMG), has secured agreements to process and transport Gulfport Energy Corp.’s growing natural gas volumes from three eastern Ohio counties between now and 2014. The partners also are expanding one Utica Shale midstream facility and building a new plant to ensure producers have enough fractionation services available.

June 5, 2012

Industry Brief

Cheniere Energy Partners LP said it will soon launch the syndication of two new credit facilities totaling about $2 billion. The new senior secured syndicated credit facilities include $750 million at Cheniere Partners and $1.3 billion at Sabine Pass Liquefaction LLC. Proceeds from the Cheniere Energy Partners credit facility will be used to fund the acquisition of the Creole Trail Pipeline, to pay for pipeline improvement and modification costs and for other purposes. Proceeds from the Sabine Pass Liquefaction credit facility will be used to fund the costs of developing, constructing and placing into service the first two liquefaction trains of the Sabine Pass LNG liquefaction project. Closing is expected by the end of the second quarter in conjunction with the closing of equity financing and the purchase of the Creole Trail Pipeline. Cheniere Energy Partners recently announced several deals intended to fund the Sabine Pass liquefaction project (see Daily GPI, May 16).

May 25, 2012

Chesapeake CEO Confident of Asset Sales; Shares Strengthen

Chesapeake Energy Corp.’s stock price jumped on Monday after the company secured a $3 billion term loan and CEO Aubrey McClendon expressed confidence in the company’s ability to complete planned property sales this year to bridge an estimated $10 billion funding gap. In addition, an estimated $1 billion volumetric production payment (VPP) in the Eagle Ford Shale has been sidelined in favor of more noncore asset sales.

May 15, 2012

Encana Secures Financial Backing for Alberta CBM Play

Encana Corp. said Friday it has secured a well-heeled unit of Toyota Tsusho Corp. to partner in its languishing Alberta coalbed methane (CBM) gas fields in the Horseshoe Canyon Fairway, agreeing to sell close to a one-third stake in the resource play, including natural gas production from 5,500 existing wells.

April 23, 2012

Shell Canada Shows Confidence in Nova Scotia’s Offshore

Shell Canada Ltd. secured the exploration rights on four parcels in Nova Scotia’s offshore with successful bids that totaled C$970 million — the highest bids ever — the Canada-Nova Scotia Offshore Petroleum Board (CNSOPB) said Friday.

January 23, 2012

Chesapeake’s Latest Deal Secures Needed Funding

Chesapeake Energy Corp., one of the biggest deal makers in the U.S. energy patch, has secured more funding for its onshore exploration and production program after it agreed to sell its natural gas pipeline gathering system in the Marcellus Shale to an affiliate for $865 million, analysts said.

January 3, 2012

Nexen Takes Pacific Rim Partners in GOM, Shale Projects

Nexen Inc. last week secured two joint ventures (JV) in two separate transactions, both with Asian companies, that promise to give the Calgary-based independent a solid footing to expand development in the Gulf of Mexico (GOM) as well as British Columbia (BC).

December 5, 2011

Tennessee Marcellus Upgrade Gets Favorable Environmental Nod

FERC Monday issued a favorable environmental assessment (EA) of Tennessee Gas Pipeline’s Northeast Upgrade Project, which when combined with the 300 Line expansion that recently went into service, will add 1 Bcf/d of capacity to transport gas from the Marcellus Shale basin to Northeast markets.

November 22, 2011

Velocity Midstream Adds to Eagle Ford Infrastructure Plans

Velocity Midstream Partners has secured long-term commitments from Shell Western E&P for transportation and terminal services for light oil and condensate production from Shell’s position of more than 100,000 acres at the Harrison Ranch (also known as the Piloncillo Ranch) in the Eagle Ford Shale in South Texas.

May 19, 2011