CM - People & Companies - June 26, 2020Carbon Energy Corp. named Erich William Kirsch principal financial officer and principal accounting officer, effective June 11. Kirsch has served as SVP, finance and accounting since August 2019. Clean Energy Fuels Corp. elected Parker A. Weil director. Weil is vice chairman of investment banking at Cowen & Co. CONSOL Energy Inc. appointed Mitesh Thakkar CFO after his having served on an interim basis since Jan. 1. Mark Maki resigned from the board of DCP Midstream...
Jun 26, 2020
MI - Enbridge looks to diversify with more gas, some wind & sun - June 2020North America’s largest midstream company, Enbridge, Inc., plans to gradually transition its asset mix toward more natural gas and renewables, investing larger portions of its capital in those areas. The company currently earns 55% of its income from liquids pipelines and about 40% from gas and storage, with 4% from renewables. “If you look at the energy supply/demand balance globally, we as a company kind of mirror that,” CEO Al Monaco told Canada’s Financial Post. Enbridge has just...
Jun 17, 2020
MI - SPOT review schedule on hold as EPP gathers more information
- June 2020Enterprise Products Partners LP and Enbridge Inc. told the US Coast Guard and Maritime Administration that they needed more time to provide information about their joint project in Freeport, Texas—Sea Port Oil Terminal. SPOT is being built to load supertankers, specifically VLCCs that can take up to 85,000 bo per hour, or 2 MMbo/d. The application review schedule for the project was suspended after SPOT Terminal Services LLC asked for more time to gather information requested by the...
Jun 17, 2020
MI - Midstream working through compression; keeps flowing - June 2020Oneok, Inc. came to the equity market last week to sell 26 million common shares for $832 million. It’s the largest sale by a midstream issuer since, well, Oneok’s January 2018 sale. Proceeds from the surprise sale could exceed $950 million upon full exercise of the 3.9 millionshare overallotment option, bringing the company closer to its $1.04 billion haul two and a half years ago (PG.1). Analysts see Oneok’s decision as a way to help bring reliance on debt down during these precarious times,...
Jun 17, 2020
MI - Enbridge’s Line 5 spill plans measure up, federal court says - June 2020A federal appeals court is sticking by Enbridge Inc. and its plans to manage potential spills from a 4-mile oil pipeline segment crossing the Straits of Mackinac in Michigan. The 6th US Circuit Court of Appeals overruled a Detroit-based district judge who sided with the National Wildlife Foundation, which had sued the Pipeline and Hazardous Materials Safety Administration. The agency had twice approved Enbridge’s spill response plans over the past five years as the company sought to...
Jun 17, 2020
MI - People & Companies - June 17, 2020Enbridge Inc. elected Stephen S. Poloz director. He was governor of the Bank of Canada from 2013 until June 2, as well as chairman of the bank. He had previously been president and CEO of Export Development Canada from 2011 to 2013. Trade Association GPA Midstream announced new officers elected to one-year terms. Its new board chairman is Bill Ward, SVP of commercial activity at Superior Pipeline. The chair-elect is John Poarch, president of ARM Energy Midstream/Salt Creek Midstream....
Jun 17, 2020
MI - People & Companies - May 27, 2020Kristie L. Colvin was appointed to the board of Enable GP, LLC, the general partner of Enable Midstream Partners, LP, by CenterPoint Energy Midstream Inc., whose parent company CenterPoint Energy, Inc., owns a 50% governance interest and a 40% economic interest in Enable GP. Colvin replaced Xia Liu, who resigned from the board on May 1, along with her departure from CenterPoint Energy as EVP and CFO, roles that now belong to Colvin. Enbridge Inc. announced the departure of SVP and chief...
May 27, 2020
MI - Black Bear buys Ozark-based assets from Enbridge unit - April 2020Black Bear Transmission LLC announced the April 1 completion of the purchase of Ozark Gas Transmission, LLC and Ozark Gas Gathering, LLC from a subsidiary of Enbridge Inc. for an undisclosed price. The acquired transmission company owns and operates a 367-mile interstate gas pipeline from southeastern Oklahoma through Arkansas to southeastern Missouri and has significant interconnectivity to major long-haul gas pipelines. The gathering business owns and operates a fee-based, 330-mile gas...
Apr 17, 2020
MI - Phillips 66 offers $1B in debt, brings spending down over 20% - April 2020Phillips 66 sold two $500 million aggregate principal amount tranches of notes to the public on April 9, adding the net proceeds to its cash reserve for general purposes. The offerings comprised three-year senior notes paying a 3.7% coupon and five-year senior notes with a 3.85% coupon. The company sold the 2023 notes at 99.885 for a 3.741% yield to maturity and the 2025 notes at 99.946 for a 3.862% yield to maturity. Joint book running managers for the offerings were Mizuho, BofA,...
Apr 17, 2020
CM - Phillips 66 brings spending down over 20%, suspends buybacks - April 2020Phillips 66 announced a $700 million pullback of consolidated capital spending to $3.1 billion. In a March 24 press release, the refining and logistics company said it will defer work on the Red Oak pipeline and Sweeny Frac 4 projects, as well as MLP Phillips 66 Partners’ Liberty Pipeline. The MLP postponed a final investment decision on ACE pipeline. The company also doesn’t expect DCP Midstream to exercise its option to participate in Sweeny Fracs 2 and 3 in 2020. DCP, an MLP jointly held by...
Apr 03, 2020
MI - Enbridge grows DCF by $1.1B, puts $5B in projects online in 4Q19 - March 2020Enbridge Inc. ended 2019 on a high note as it brought onstream nearly C$7 billion ($5.2 billion) worth of projects in Q4, doubled its non-core divestiture proceeds for the year and posted strong growth in earnings and distributable cash flow. The company brought online C$9 billion worth of projects last year, including the C$700 million Gray Oak pipeline; the C$1.1 billion, 609 MW Hohe See wind project offshore Germany and adjacent expansion; and the C$5 billion Canadian Line 3 replacement...
Mar 05, 2020
MI - Enbridge to buy NextDecade’s South Texas gas pipeline project
- March 2020Enbridge Inc. agreed to acquire the Rio Bravo Pipeline Co. from NextDecade Corp. for up to $25 million. NextDecade set up the LLC to build twin 42-inch pipelines that will carry up to 4.5 Bcf/d from the Agua Dulce area in South Texas to its 27 mtpa Rio Grande LNG, the largest of the three LNG projects proposed for the Port of Brownsville, Texas. The Canadian pipeline giant will own 100% of Rio Bravo and pay $15 million at closing, with the balance to be paid upon NextDecade reaching a...
Mar 05, 2020
CS - Enbridge ups DCF by $1.6B, puts $9B in projects online in 2019 - February 2020Enbridge Inc. ended 2019 on a high note as it brought nearly $7 billion worth of projects onstream in Q4, doubled its noncore divestiture proceeds for the year and posted strong growth in earnings and distributable cash flow. The company brought $9 billion worth of projects online last year, with the $700 million Gray Oak pipeline; $1.1 billion, 609 MW German Hohe See offshore wind project and adjacent expansion; and the $5 billion Canadian Line 3 segment in Q4. Enbridge also closed the second...
Feb 19, 2020
MI - Enbridge formally scuppers its crude facility to back Enterprise’s - January 2020Enbridge formally withdrew an application for its own deepwater crude export facility off the Texas coast, throwing its support behind Enterprise Product Partners’ competing project. The withdrawal was expected after Enbridge signed an LOI to jointly develop the Sea Port Oil Terminal, which would be able to fully load very large crude carriers. The Calgary-based pipeline giant filed its application for the Texas Crude Offshore Loading Terminal with the US Maritime Administration in...
Jan 23, 2020
CS - News Briefs - January 29, 2020The trustee of bankrupt OAN Resources Ltd. engaged Sayer Energy Advisors to assist it with the sale for cash of its assets, which target the Keg River oil play in the Panny area of northern Alberta. Recent net production is 38 bo/d of light oil from the Keg River formation. As of Jan. 4, the company had net deemed asset value of $1.9 million with a liability management rating of 3.65. Offers are being accepted until Feb. 13. OAN filed for bankruptcy Oct. 16, when Hardie & Kelly Inc. was...
Jan 29, 2020