Sell

Enterprise Products Partners LP announced Tuesday that it has agreed to sell about 22.8 million common units of Energy Transfer Equity LP (ETE) to undisclosed purchasers for approximately $825.1 million.

Enterprise Products Partners LP announced Tuesday that it has agreed to sell about 22.8 million common units of Energy Transfer Equity LP (ETE) to undisclosed purchasers for approximately $825.1 million.

Denver-based Petroleum Development Corp. (PDC) has agreed to sell its Permian Basin assets and intends next year to focus on the Wattenberg Field in Colorado, the Marcellus Shale in West Virginia and the Utica Shale in Ohio.

Texas-based Frac Tech Services LLC, a hydraulic fracturing (fracking) specialist, apparently is in talks to sell a stake in the company to one of three foreign oil giants for $2 billion-plus and also is close to completing joint ventures (JV) to work overseas on unconventional oil and gas prospects, sources told NGI’s Shale Daily on Thursday.

January natural gas inched lower Thursday as traders took the opportunity to sell into a seemingly bullish government inventory report and looked ahead to forecasts calling for above-normal temperatures. The Energy Information Administration (EIA) reported a withdrawal from inventories of 102 Bcf for the week ended Dec. 9, a greater draw than what the market was looking for. At the close, however, January had eased 0.9 cent to $3.127 and February had shed 1.0 cent to $3.177. January crude oil fell $1.08 to $93.87/bbl.

California-based Clean Energy Fuels Corp.’s compressed natural gas (CNG) conversion kit manufacturer, BAF, has received clearance from California air quality regulators to sell its 2012 dedicated CNG Ford Motor Co. Transit Connect taxis in the state. The certification from the California Air Resources Board (CARB) is effective immediately, according to Dallas-based BAF. In this case CNG is used in traditional gasoline internal combustion engines that BAF modifies to operate on natural gas (see Daily GPI, Sept. 27). As a Clean Energy subsidiary, BAF has been certified by Ford to convert standard Transit Connect taxis to run on CNG. BAF said it already has CARB authorizations for other 2012 utility and shuttle models, and it has federal Environmental Protection Agency authorization for CNG-powered versions of Ford vans, shuttles and pickup trucks.

Encana Corp. on Wednesday checked off another item on its “to do” list after agreeing to sell two natural gas processing plants that service the Cutbank Ridge area, which straddles Alberta and British Columbia (BC), to Veresen Inc. for C$920 million.

Chesapeake Energy Corp. has completed the sale of $750 million of perpetual preferred shares of its newly formed entity CHK Utica LLC, the Oklahoma City-based producer said Monday.

ConocoPhillips, which is spinning off its refinery assets to create a pure-play explorer, has agreed to sell its interests in two U.S. pipeline companies for a total of $2 billion. An agreement with a subsidiary of Caisse de depot et placement du Quebec is for a 16.55% stake in Colonial Pipeline Co. and Colonial Ventures LLC; the transaction is to close in 1Q2012. Definitive agreements also were reached with Enbridge Holdings (Seaway) LLC for a stake in Seaway Crude Pipeline Co., which is to close in December. Once closed, these transactions, along with sales already closed in 4Q2011, would total close to $10.5 billion by the end of 2012.