Taking

EnerVest Scuttles Dry Gas But Prices More Appealing

EnerVest Ltd. is taking lemons and making lemonade, CEO John Walker said Friday. The privately held Houston operator has a plethora of prospects in unconventional and conventional basins around the country, but dry gas today has soured, so the company and its publicly traded arm EV Energy Partners (EVEP) are turning to sweeter gas liquids, he told analysts.

November 12, 2012

Nucor Takes Half-Stake in Encana Natural Gas Wells

U.S. steel and iron producer Nucor Corp. on Tuesday said it is taking a half-stake in some of Encana Corp.’s U.S. natural gas wells to guard against an expected increase in U.S. gas prices.

November 7, 2012

Industry Briefs

Spectra Energy Corp. is taking a one-third interest in the Sand Hills and Southern Hills pipelines, both of which are under construction by DCP Midstream LLC, a joint venture of Spectra and Phillips 66. The deal is expected to close by the end of November when Spectra, Phillips 66 and DCP Midstream each would own one-third of the pipelines and equally fund their completion. The aggregate investment by Spectra is expected to be $700-800 million. Sand Hills, which would take natural gas liquids from the Permian Basin and Eagle Ford Shale to Gulf Coast markets, would have an initial capacity of 200,000 b/d and be expandable to 350,000 b/d. The first phase recently came online and connection to Mont Belvieu, TX, is expected by year-end (see Shale Daily, Oct. 29). The timing of Sand Hills’ second phase, the Permian portion of the pipeline, has advanced and is due to be in service in 2Q2013. Southern Hills would provide 150,000 b/d, expandable to 175,000 b/d, of capacity from the Midcontinent to Mont Belvieu and has a targeted in-service date of mid-2013.

November 1, 2012

Frankenstorm Forces Trading Exchanges to Evacuate Manhattan

Taking cover from what the news media is describing as the “Frankenstorm,” which is what is expected to result when Hurricane Sandy veers onshore into the Mid-Atlantic and Northeast and collides with a cold front from the West, trading exchanges announced their modified operating plans on Sunday.

October 30, 2012

Southwest LNG Truck Fuel Provider to Double Output

As another sign that the vision of a “natural gas highway” for long-haul trucks and other heavy-duty vehicles is taking shape, Southern California-based Applied Natural Gas Fuels Inc. said it plans to double the output capability of its Topock, AZ, liquefied natural gas (LNG) production facility.

October 5, 2012

Colorado Governor Responds to Local Criticism

Colorado Gov. John Hickenlooper responded Thursday to criticism from local elected officials in his state who are upset over his government taking the city of Longmont, CO, to court over its oil and natural gas drilling rules. Legal action was what Hickenlooper called a “last resort” in a letter he sent to various local officials considering similar local drilling rules.

October 1, 2012

Obama Said Readying Cyber Security Executive Order

Taking matters into his own hands after the U.S. Congress failed to pass the Cybersecurity Act of 2012 this summer, President Obama appears to be preparing an executive order aimed at protecting critical national infrastructure, including power plants, and natural gas and crude pipelines, from cyber attacks.

September 17, 2012

Obama Reportedly Readying Cyber Security Executive Order

Taking matters into his own hands after the U.S. Congress failed to pass the Cybersecurity Act of 2012 this summer, President Obama appears to be preparing an executive order aimed at protecting critical national infrastructure, including power plants, and natural gas and crude pipelines, from cyber attacks.

September 13, 2012

Morgan Stanley Unit to Take Over Southern Star System

A unit of banking giant Morgan Stanley said Thursday it is taking full ownership in Southern Star Central Gas Pipeline, the primary natural gas transmission and natural gas storage facility provider for several of the biggest cities and power generation providers in Kansas, Missouri and Oklahoma.

August 24, 2012

Sempra Still Touting REX Pipeline’s Value

Despite taking a significant hit in its 2Q2012 profits related to its 25% interest in the Rockies Express Pipeline (REX), which is now on the sales block, San Diego-based Sempra Energy executives view the natural gas pipeline as a “significant” asset long term because of its potential role in moving gas bidirectionally from the developing parts of the Utica and Marcellus shales.

August 13, 2012