Rangeland Energy III’s Rangeland Midstream Canada unit Tuesday announced plans to design, construct and operate new crude oil and condensate pipelines in the Marten Hills region of north central Alberta, Kallanish Energy reports. The Marten Hills Pipeline System will extend roughly 52.8 miles and include crude oil and condensate pipelines and related facilities. The system
Read More...A battle between Chevron and Occidental Petroleum, which now includes billionaire investor extraordinaire Warren Buffett, to take control of U.S. independent producer Anadarko Petroleum, is fueling speculation about more deals to come. But oil supermajor BP Plc CEO Bob Dudley Tuesday said his employer will not get involved. BP acquired BHP Billiton’s U.S. shale assets for
Read More...United Conservative Party leader Jason Kenney was sworn in Tuesday as the 18th premier of Canada’s largest crude-producing province, Alberta, and named a cabinet he says will go to bat for the energy sector, Kallanish Energy reports. Kenney, a former conservative federal cabinet minister, won the election in a landslide victory against Rachel Notley’s New
Read More...Murphy Oil Corp. announced its Murphy Exploration & Production Company – USA unit is acquiring deepwater Gulf of Mexico assets from LLOG Exploration Offshore and LLOG Bluewater Holdings for $1.38 billion in cash, Kallanish Energy reports. Additional contingent consideration payments are based on the following: up to $200 million in the event revenue from certain
Read More...Waste and energy development company Brightmark Energy Thursday announced the closing of a $260 million financing package for construction of the nation’s first commercial-scale plastics-to-fuel plant, to be built in Ashley, Indiana. Financing for the project includes $185 million in Indiana green bonds, which were underwritten by Goldman Sachs, Kallanish Energy reports. As part of the
Read More...President Trump today will sign an executive order designed to prevent states from blocking pipelines and other energy infrastructure by using authority they feel is afforded them under the federal Clean Water Act, Kallanish Energy reports. Under Section 401 of the Clean Water Act, companies must obtain certifications from a state before they can build federally-approved
Read More...Houston-based independent producer Callon Petroleum said Monday it’s entered into a deal to sell certain non-core assets in the Midland Basin to an unnamed buyer for $260 million in cash. The agreement also provides for potential incremental cash payments of up to $60 million based upon future commodity prices with upside participation starting at the $60/Bbl West Texas Intermediate level,
Read More...Pressure pumper horsepower will increase in Q2, rebounding from a sluggish end to 2018, according to the new U.S. Horsepower Outlook report, offered by Westwood’s Global Energy Group. A 9% increase in hydraulic horsepower (Hhp) demand from Q4’18-Q4’19 could lead to a tighter Hhp market and potential undersupply in certain regions, Kallanish Energy learns. Westwood’s quarterly
Read More...Massachusetts Gov. Charlie Baker has signed legislation funding an examination of the state’s natural gas distribution system, a move prompted by recent gas pipeline explosions, Kallanish Energy reports. In September, gas explosions and resulting fires in the state’s Merrimack Valley killed one person, injured at least 24, and damaged or destroyed more than 100 homes,
Read More...Embattled PG&E Corp. and its utility Pacific Gas and Electric, on Wednesday announced the appointment of William “Bill” Johnson as president and CEO, Kallanish Energy reports. In addition, the company, currently operating under Chapter 11 bankruptcy protection, named 10 new board members, to be appointed at the company’s next board meeting. The San Francisco-based utility
Read More...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...