Cheniere Energy Inc. said Tuesday it has acquired BPU LNG Inc. in exchange for 1,000,000 restricted shares of Cheniere common stock. BPU LNG’s sole asset is a 33.3% limited partner interest in Corpus Christi LNG LP. As a result of the acquisition, Cheniere said it now controls 100% of the Corpus LNG limited partner interests. In December of 2003, Corpus Christi LNG filed with the Federal Energy Regulatory Commission (FERC) for a permit to build and operate a liquefied natural gas receiving terminal near the city of Corpus Christi, TX with daily processing capacity of 2.6 Bcf. In November of 2004, FERC issued a draft Environmental Impact Statement (EIS) concluding that approval of the proposed project, with appropriate mitigating measures as recommended, would have limited adverse environmental impact. Cheniere said it anticipates that FERC will issue a final EIS and grant its permit in the near future. In addition to the Corpus Christi facility, the Houston-based company is developing Gulf Coast LNG receiving terminals near Sabine Pass in Cameron Parish, LA and near the Creole Trail in Cameron Parish, LA. Cheniere is also a 30% limited partner in Freeport LNG Development LP., which is building an LNG receiving terminal in Freeport, TX.
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TransCanada Has Active Fourth Quarter, Posts Earnings Improvements
TransCanada Corp. shares moved slightly higher on Tuesday on news that the company beat analysts’ earnings estimates for the quarter and the year. Net income from continuing operations was up 22% for the year to $2.02/share compared to analysts’ estimates of $1.53/share. For the quarter net income from continuing operations fell 5% to 38 cents/share but still beat estimates by about 6 cents/share.
TransCanada Has Active Fourth Quarter, Posts Earnings Improvements
TransCanada Corp. shares moved slightly higher on Tuesday on news that the company beat analysts’ earnings estimates for the quarter and the year. Net income from continuing operations was up 22% for the year to $2.02/share compared to analysts’ estimates of $1.53/share. For the quarter net income from continuing operations fell 5% to 38 cents/share but still beat estimates by about 6 cents/share.
Dominion Misses Targets But Posts Higher Earnings
Dominion shares slipped Thursday morning after the company failed to meet its own fourth quarter earnings guidance and most analysts’ estimates because of lower utility sales due to warmer-than-normal weather, unrecoverable utility fuel expenses, low contributions from unregulated wholesale operations and a delay in the purchase of the Kewaunee nuclear plant. However, operating earnings were still up 45% from 4Q2003 levels.
Pioneer Sells Interest in Hugoton, Spraberry Fields
To repurchase more shares, accelerate its debt reduction program and to give it “enhanced firepower” for future exploration, Pioneer Natural Resources Co. on Thursday announced that it has sold the revenue associated with 2% of its reserves (20.5 MMboe) for about 8% of their enterprise value under two volumetric production payments (VPPs) totalling $593 million.
Dominion Misses Targets But Posts Higher Earnings
Dominion shares slipped Thursday morning after the company failed to meet its own fourth quarter earnings guidance and most analysts’ estimates because of lower utility sales due to warmer-than-normal weather, unrecoverable utility fuel expenses, low contributions from unregulated wholesale operations and a delay in the purchase of the Kewaunee nuclear plant. However, operating earnings were still up 45% from 4Q2003 levels.
Marathon Boosts Reserves, Capital Spending
Marathon Oil Corp. shares moved up slightly Tuesday morning after the company reported positive reserve replacement results and increased its drilling budget for 2005. Marathon said it added net proved reserves of 221 million boe (MMboe) in 2004 while producing 122 MMboe during the year. The company also increased its capital spending budget by 19% to $3 billion for 2005.
Marathon Gives Mixed Preview of 4Q Results
Marathon Oil Corp. shares were up slightly on Friday on the company’s preview of its fourth quarter and full year 2004 financial and operating results. Marathon reported that its estimated oil and natural gas production for the quarter will total 328,000 boe/d, slightly above previous guidance of 325,000 boe/d.
Canadian Government to Sell Petro-Canada Stake
The Canadian government announced Tuesday that the sale of its 18.74% stake in Calgary-based independent Petro-Canada is imminent. The government’s 49.4 million shares are estimated to currently be worth about C$2.8 billion, based on Monday’s stock price of C$59.90.
Mission Resources Hires Advisers to Evaluate Strategic Options
Shares of Houston-based independent producer Mission Resources Corp. rose more than 8% last Tuesday to $6.50 but slide back to the $5.60s by Friday after the company said that it retained Petrie Parkman & Co. to assist in evaluating strategic alternatives designed to enhance shareholder value. Mission also said the move does not guarantee that a transaction will take place.
