With a goal to be rid of coal-fired generation by 2020, the Los Angeles Department of Water and Power (LADWP) is searching for alternatives to its stake in the Utah-based coal-fired Intermountain Power Project (IPP) facility. One option may be to covert some of the units to run on natural gas.
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Total Takes 25% Stake in Chesapeake’s Utica Leasehold
As has been rumored for weeks, French energy giant Total SA is paying $2.32 billion to acquire a one-quarter stake in Chesapeake Energy Corp.’s massive Utica Shale leasehold in Ohio in the second big partnership targeting unconventional oil and gas between the companies.
MarkWest, EMG Close on Liberty Sale
MarkWest Energy Partners LP has closed on its acquisition of partner The Energy and Minerals Group’s (EMG) 49% stake in MarkWest Liberty Midstream & Resources LLC.
Endeavour Kills Deal for SM Energy’s Marcellus Assets
Endeavour International Corp. on Wednesday said it has terminated purchase and sale agreements with SM Energy Co. and other minority owners to buy a 42,000-acre leasehold and associated pipeline assets in McKean and Potter counties in northern Pennsylvania.
Magnum Hunter, Stone Partner in West Virginia
Magnum Hunter Resources Corp and Stone Energy Corp. said Monday they plan to jointly develop Marcellus Shale acreage in West Virginia. Separately Stone agreed to commit its share of output from the contract area to a Magnum Hunter pipeline subsidiary.
Rex to Bring Utica Well Online in January
Rex Energy Corp. is reporting results from its first Utica Shale test well that exceed initial results from a Chesapeake Energy Corp. well drilled nearby earlier this year.
Wyoming Niobrara Development Slow, State Official Says
Early results, albeit preliminary and limited, indicate that the Niobrara play in southeast Wyoming is slow in coming to fruition, according to the state’s top oil/gas exploration and production official.
Industry Brief
GE Energy Financial Services has taken a stake in Summit Midstream Partners LLC, a developer of midstream energy infrastructure in unconventional North American basins. Financial details were not disclosed. GE Energy Financial Services’ current midstream equity and debt portfolio totals $2.4 billion. It has invested in a midstream master limited partnership, gas storage assets, a liquefied natural gas regasification terminal and 40,000 miles of gas pipelines. Summit Midstream’s assets include gathering, compression and dehydration facilities in the core of the Barnett Shale. It recently acquired South Piceance Basin assets in the Rockies from an Encana Corp. subsidiary (see Daily GPI, Oct. 12).
Industry Brief
GE Energy Financial Services has taken a stake in Summit Midstream Partners LLC, a developer of midstream energy infrastructure in unconventional North American basins. Financial details were not disclosed. GE Energy Financial Services’ current midstream equity and debt portfolio totals $2.4 billion. It has invested in a midstream master limited partnership, gas storage assets, a liquefied natural gas regasification terminal and 40,000 miles of gas pipelines. Summit Midstream’s assets include gathering, compression and dehydration facilities in the core of the Barnett Shale. It recently acquired South Piceance Basin assets in the Rockies from an Encana Corp. subsidiary (see Daily GPI, Oct. 12).
Louisiana NGL Cracker Poised for Expansion
Boosted by the “shale gas revolution,” Williams on Tuesday said it will spend up to $400 million to expand its Geismar olefins production facility near Baton Rouge, LA.