New Orleans-based Energy Partners Ltd. (EPL) and some of its subsidiaries filed for Chapter 11 bankruptcy protection, the company said Friday. The filing was foreshadowed in late March when EPL said it couldn’t meet a debt payment following a reduction in its borrowing base. In recent years EPL has put itself up for sale, scrapped one merger, fought off a hostile takeover and tangled with environmental regulators.
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Energy Partners Ltd. Driven to Bankruptcy
New Orleans-based Energy Partners Ltd. (EPL) and some of its subsidiaries filed for Chapter 11 bankruptcy protection, the company said last Friday. The filing was foreshadowed in late March when EPL said it couldn’t meet a debt payment following a reduction in its borrowing base. In recent years EPL has put itself up for sale, scrapped one merger, fought off a hostile takeover and tangled with environmental regulators.
Industry Briefs
Boardwalk Pipeline Partners LP subsidiaries Gulf Crossing Pipeline Co. LLC and Gulf South Pipeline Co. LP received a FERC nod to place in service the initial portion of the Gulf Crossing project from Grayson County, TX, to Ouachita Parish, LA. Gulf Crossing also got the go-ahead to place three metering facilities in service: Enterprise Texas Pipeline’s station in Grayson County; Enogex Inc.’s station in Bryan County, OK; and Texas Gas Transmission’s station in Ouachita Parish. The approval came two weeks after the Commission gave Gulf South the green light to place in service the 42-inch diameter Mississippi Loop of the Gulf Crossing project. The 17.8 miles of pipeline loop are located between Hinds County, MS, and Simpson County, MS. Gulf Crossing said it expects to place in service during the first quarter the entire 356.3-mile, 42-inch diameter pipeline and associated compression facilities.
Gulf Crossing Seeks to Start Up Facilities by Friday
Boardwalk Pipeline Partners LP subsidiaries Gulf Crossing Pipeline Co. LLC and Gulf South Pipeline Co. LP Tuesday asked FERC for the go-ahead to place in service the initial portion of the Gulf Crossing project from Grayson County, TX, to Ouachita Parish, LA, by Friday (Jan. 16).
Gulf Crossing’s Mississippi Loop Set to Open Dec. 29
Boardwalk Pipeline Partners LP subsidiaries Gulf Crossing Pipeline Co. LLC and Gulf South Pipeline Co. LP have asked FERC for authorization to place their 42-inch diameter Mississippi Loop in service by Dec. 29, the companies said Tuesday.
SemGroup Implosion Brings More Questions than Answers
SemGroup LP’s bankruptcy filing last Tuesday produced a fair amount of head scratching from its creditors, subsidiaries and even federal officials after the company reportedly racked up $3.2 billion in trading losses in crude deals on the New York Mercantile Exchange and over-the-counter energy derivative markets.
Dallas Company: Chesapeake Grounded Marketing of Airport Lease Gas
Dallas-based gas marketer ICC Energy Corp. is suing Chesapeake Energy Corp., several subsidiaries and individuals, claiming the company reneged on a commitment to partner with ICC on the marketing of gas produced from the Barnett Shale at Dallas/Fort Worth (DFW) International Airport.
Dallas Company: Chesapeake Grounded Marketing of Airport Lease Gas
Dallas-based gas marketer ICC Energy Corp. is suing Chesapeake Energy Corp., several subsidiaries and individuals, claiming the company reneged on a commitment to partner with ICC on the marketing of gas produced from the Barnett Shale at Dallas/Fort Worth (DFW) International Airport.
Superior Energy Services Inks $750M Deal to Decommission Gulf Platforms
Superior Energy Services Inc. subsidiary Wild Well Control Inc. has signed contracts with subsidiaries of BP plc, Chevron Corp. and Apache Corp. to decommission seven downed platforms, associated wellbores and other related well facilities located offshore Louisiana for a fixed sum of $750 million.
Gulf Crossing Pipe Project Gets FERC Environmental Nod
FERC Friday awarded a favorable draft environmental review to Gulf Crossing Pipeline Co. LLC and Gulf South Pipeline LP, subsidiaries of Boardwalk Pipeline Partners LP, to build a major pipeline and associated facilities that would transport gas from supply regions in Texas and Oklahoma to the Perryville Hub in northern Louisiana.