TPC Group Inc. plans to produce on-purpose isobutylene with the refurbishment and restart of dehydrogenation assets at its Houston operations. The isobutylene feedstock will be used for the company’s performance products and fuels business, including methyl tertiary-butyl ether, polyisobutylene, high-purity isobutylene and diisobutylene. Start-up is planned for the second half of 2014. The facilities will produce up to 650 million pounds per year of isobutylene from isobutane, a natural gas liquids feedstock whose production volumes continue to increase as a result of U.S. shale gas development, TPC said. Total capital expenditure for the project is estimated at $265 million. TPC recently agreed to be taken private by First Reserve Corp. and SK Capital Partners in a cash-and-debt transaction valued at $850 million (see Shale Daily, Aug. 30).
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Sunoco Logistics Partners LP said it has received enough binding commitments to enable Permian Express Phase I, a project to transport West Texas crude oil to Gulf Coast markets, to proceed. The binding open season continues and will close on Sept. 6. Permian Express Phase I would provide continuous pipeline service from Wichita Falls, TX, to Nederland/Beaumont, TX, markets. At Wichita Falls, a connection from Basin Pipeline would be provided. Due to the use of existing assets, the capacity to transport 90,000 b/d to Nederland/Beaumont is to be operational in the first quarter of 2013 (see Shale Daily, June 22).
Access Midstream Earnings Boosted by Organic Growth
Access Midstream Partners LP, formerly Chesapeake Midstream Partners LP, reported that net income jumped more than 25% year/year in part because of increased business in the Marcellus and Barnett shales.
Gas Prices Plummet 38-49% From 1H2011 Through 1H2012, EIA Finds
The flood of new natural gas supplies from U.S. shale exploration combined with stagnant demand due to the current U.S. economic woes lead natural gas prices to decline across the country by 38-49% from the first six months of 2011 to the first six months of 2012, according to research done by the Energy Information Administration (EIA).
EIA: Gas Price Plummet Confirmed With Drops of 38-49% from Last Year
The flood of new natural gas supplies from U.S. shale exploration combined with stagnant demand due to the current U.S. economic woes lead natural gas prices to decline across the country by 38-49% from the first six months of 2011 to the first six months of 2012, according to research done by the Energy Information Administration (EIA).
Armada Accelerating Niobrara Oil Exploration
Armada Oil Inc. has signed a geophysical data acquisition agreement with Geokinetics USA Inc. to conduct seismic testing on land in the Niobrara and Casper formations in southern Wyoming, the Houston-based independent oil and gas company said.
Louis Dreyfus Settles Dispute with Interior for $4M
Stamford, CT-based Louis Dreyfus Highbridge Energy (LDHE) unit Louis Dreyfus Energy Services (LDES) has agreed to settle for $4.084 million a commercial dispute with the federal government over natural gas contracts that were in effect between 2004 and 2008.
Chesapeake Completes Midstream Unit Sale
Chesapeake Energy Corp. on Monday closed on the first of its multi-asset transactions to sell its midstream businesses with the $2 billion sale of Chesapeake Midstream Partners LP (CHKM) to Global Infrastructure Partners (GIP) for $2 billion.
Global Infrastructure Takes over Chesapeake Midstream
Global Infrastructure Partners (GIP) has completed its first multi-asset transaction with Chesapeake Energy Corp. to acquire the profitable midstream businesses, closing Monday on the $2 billion acquisition of Chesapeake Midstream Partners LP (CHKM).
Water Withdrawal Suspensions Hit 22 Operators in SRBC Order
A drop in northern Pennsylvania stream flow levels once again has forced the Susquehanna River Basin Commission (SRBC) to suspend water withdrawal permits for more than 22 companies holding 37 separate permits in Pennsylvania and New York. More than half of the companies affected are energy operators working in the Marcellus Shale.
