Struggling

Pennsylvanians believe that the benefits of natural gas drilling in the state’s shale plays outweigh any potential problems, but want the state to impose an extraction tax and require the disclosure of chemicals used by drillers, according to the results of a survey by the Muhlenberg Institute of Public Opinion and the University of Michigan’s Center for Local, State and Urban Policy.

Struggling independent power producer (IPP) Dynegy Inc. — which had transitioned from its early days as the Natural Gas Clearinghouse, one of the first large natural gas marketers — is being bought out by an affiliate of private equity behemoth The Blackstone Group LP for $4.7 billion ($542.7 million cash and the rest acquired debt).

Struggling independent power producer Dynegy Inc. — which had transitioned from its early days as the Natural Gas Clearinghouse, one of the first large natural gas marketers — is being bought out by an affiliate of private equity behemoth The Blackstone Group LP for $4.7 billion ($542.7 million cash and the rest acquired debt).

Facing multi-billion-dollar budget shortfalls, the California legislature has warmed up an old proposal to levy a severance tax on oil and gas production to fund the state’s struggling higher education system. The measure, Assembly Bill 656 (AB 656), was voted out of the lower house Revenue and Taxation Committee last week with a “pass as amended” recommendation, sending the proposal to the Appropriations Committee.

Facing multi-billion-dollar budget shortfalls, the California legislature has warmed up an old proposal to levy a severance tax on oil and gas production to fund the state’s struggling higher education system. The measure, Assembly Bill 656 (AB 656), was voted out of the lower house Revenue and Taxation Committee Monday with a “pass as amended” recommendation, sending the proposal to the Appropriations Committee.

TXCO Resources Inc., which has been struggling to remain afloat for months, on Monday filed for voluntary bankruptcy under Chapter 11. The filing, said the independent, was “precipitated by a series of events that led to a contraction” in liquidity.

Citigroup’s natural gas and power trading operations are to remain in Houston following completion of a reorganization intended to bolster the struggling banking giant, which has been rocked by the Wall Street crisis.

Citigroup’s natural gas and power trading operations are to remain in Houston following completion of a reorganization intended to bolster the struggling banking giant, which has been rocked by the Wall Street crisis.

A capital infusion — the announcement of which last week lifted Cheniere Energy Inc. shares more than 50% — has closed, the struggling liquefied natural gas (LNG) terminal developer said Monday.