A federal judge in San Francisco is barring utility giant Pacific Gas and Electric from re-issuing dividends in favor of using the funds for reducing the risk of wildfires in the company’s service area. U.S. District Judge William Alsup, in a court hearing Tuesday, also said he will monitor PG&E’s compliance with new wildfire prevention
Read More...The liquefied natural gas arm of oil supermajor Royal Dutch Shell has become the first customer of NextDecade’s proposed $15 billion Rio Grande LNG export terminal at the Port of Brownsville, Texas. NextDecade announced the 20-year sale and purchase agreement at the LNG2019 conference in Shanghai Monday night, Kallanish Energy learns. Under the deal, Shell will
Read More...U.S. refiner Citgo Petroleum said last week it received $1.2 billion in financing via a five-year Term Loan B, with participation from roughly 35 financial institutions. As part of the transaction, Citgo’s $320 million accounts receivable securitization facility and $900 million revolver, with maturities in May and July, 2019, respectively, were retired, Kallanish Energy reports. “The significant interest in
Read More...Bankrupt California power provider PG&E Corp. won court approval last week for a $5.5 billion loan to help maintain electricity and natural gas delivery and for investments to reduce the risk of wildfires as it reorganizes. The financing will comprise a $3.5 billion revolving credit facility, a $1.5 billion term loan and a $500 million
Read More...Power giant TransAlta Corp. said this week it’s received notice investment firm Mangrove Partners intends to nominate five candidates for election to the company’s board. Election of directors will take place at TransAlta’s upcoming annual and special shareholders’ meeting on April 16, Kallanish Energy reports. Mangrove owns 7.1% of Calgary-based TransAlta, while its associated investor,
Read More...An environmental group is taking its battle against an oil refinery being developed near Theodore Roosevelt National Park to the North Dakota Supreme Court. The National Parks Conservation Association (Npca) argued in its filing an air quality permit issued by the state Health Department for the $800 million Davis Refinery and upheld by a state
Read More...U.S. crude oil inventories for the week ended March 22 (excluding the Strategic Petroleum Reserve), increased by 2.8 million barrels (Mmbbl) from the previous week, according to Energy Information Administration data. At 442.3 Mmbbl, U.S. crude oil inventories are roughly 2% below the five-year average for early spring, the report showed. Trade group the American
Read More...Minnesota-based energy company Allete said Wednesday it’s closed the $270 million sale of U.S. Water Services to Kurita Water Industries Ltd., a Japan-based water-management company. U.S. Water is an integrated water-solutions company which serves roughly 5,000 customers by optimizing system performance, reducing water and energy use, and improving efficiency. It was acquired by Allete in 2015, Kallanish Energy
Read More...Kimbell Royalty Partners said Monday it’s closed the previously announced purchase of oil and gas royalty assets from EnCap Investments for roughly $171.6 million in Kimbell Royalty Operating stock. The acquisition includes oil and natural gas mineral and royalty interests previously controlled by EnCap through Phillips Energy Partners, Phillips Energy Partners II and Phillips Energy Partners
Read More...Midstreamer Tallgrass Energy this week announced the promotion of chief operating officer Bill Moler to president, effective immediately. The Kansas-based company said David G. Dehaemers Jr. remains CEO and Moler will retain his current COO title, Kallanish Energy reports. “I’m delighted to announce Bill’s ascent to President, a move that recognizes his increasingly vital role
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