Brightmark closes $260M financing for plastics-to-fuel plant

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...

Executive order aims to prevent states from blocking pipelines

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...

Callon divests non-core assets in $260M deal

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 pumping HP demand set to rise in 2019

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...

Governor approves review of Mass. natgas lines

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...

PG&E names new CEO, 10 new directors to be appointed

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...

Federal judge places new probation terms on PG&E

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...

Shell enters into 20-year deal with Rio Grande LNG

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...

Citgo secures $1.2B in long-term financing

 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...

Bankruptcy judge approves Dip loan for PG&E

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...

TransAlta shareholder intends to offer dissident board candidates

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...

Group takes oil refinery fight to North Dakota’s high court

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 inventories rise by 2.8 Mmbbl

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...

Allete closes $270M sale of U.S. Water Services

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 closes deal with EnCap

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...