Crosstex Energy LP has completed two projects aimed at getting shale oil and condensate to higher paying markets.
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Encana Sells Barnett Portfolio for $975M
Encana Corp. has unloaded another big piece of its natural gas-weighted portfolio, as promised, announcing last week that it is selling for $975 million its North Texas natural gas producing properties, which total around 82,000 net acres, to some partnerships managed by EnerVest Ltd.
Divestiture Path Leads CMS to Unload Field Services, Viron Unit and Australian Plant
Following an announcement that it had unloaded its CMS Viron Energy Services to Chevron Energy Solutions, CMS Energy reported late Wednesday that it had also completed the sale of its CMS Field Services subsidiary to Cantera Natural Gas Inc. On Thursday, the company announced that it has entered into an agreement to sell its Australian Loy Yang plant.
CMS Unloads Field Services Unit to Cantera Natural Gas
Following the announcement earlier in the day that it had unloaded its CMS Viron Energy Services to Chevron Energy Solutions (see related story), CMS Energy reported Wednesday evening that it has also completed the sale of its CMS Field Services subsidiary to Cantera Natural Gas Inc.
Williams Sells Uinta Reserves to Berry Petroleum
Williams unloaded more Rocky Mountain reserves Thursday, selling about 8.6 million boe (75% light oil and 25% natural gas) of reserves in the Uinta Basin in Utah to Berry Petroleum for $49 million. Earlier this month Williams sold a much larger chunk of its reserves, 311 Bcfe, to XTO for $400 million (see Daily GPI, April 10).
ONEOK Buying Kinder Assets, Marketing
As part of a continued streamlining, Kinder Morgan Inc. unloadedall of its Oklahoma, Kansas and West Texas gathering and processingbusinesses last week to ONEOK Inc. In addition, ONEOK agreed to buyKinder’s marketing and trading business as well as certain storageand transmission pipelines in the Midcontinent.
Dynegy Unloads $308M in Midstream Assets to Oneok
With the Dynegy-Illinova merger nearing completion, Dynegyunloaded some major Midcontinent gathering and processing assetsyesterday in a $307.7 million sale to Oneok in an effort tostreamline its midstream operations. The move will leave Dynegy’smidstream assets focused on several core regions and will helpreduce its new equity offering by several million dollars.
ANR Blows Guardian Full of Holes at FERC
ANR Pipeline unloaded an arsenal at the Guardian Pipelineproject yesterday in a protest and request for dismissal filed withFERC. If Guardian is built, it would be a bypass of ANR, resultingin 650 MDth/d of firm transportation capacity being turned back tothe Coastal subsidiary. That turnback capacity would mean a loss of$54 million in annual revenue, ANR said, of which $26 million couldbe avoided if Wisconsin Gas accepted a competing proposal presentedby ANR. ANR is requesting it be allowed to charge Wisconsin Gas anexit fee if Guardian is approved.
Storage and Weather Conspire to Send Futures Higher
Fueled by the fundamental one-two of bullish storage and weathernews, the natural gas futures market rose Thursday as tradersunloaded shorts and added to longs. After dropping a dime lowerWednesday, the January contract opened higher at $2.53 Thursday andnever looked back as prices climbed into the mid-$2.60s. The promptmonth finished near its daily highs, up 15 cents to $2.636.