People & Companies - December 07, 2017Jeffrey B. Sherrickhas been named Executive Chairman of Warburg Pincus-backed and Permian Basin-focused Independence Resources Management. He most recently served as exploration, business development and E&P technology EVP for Southwestern Energy. Prior to joining Southwestern in 2008, Sherrick worked for Houston Exploration, El Paso, Enron and Tenneco.EP Energy appointed Russell Parker president and CEO effective Nov. 2. Alan Crain will become chairman of the board. The move comes as...
Dec 07, 2017
El Paso grows adjusted net income 56% vs. Q3El Paso Corporation reported a 56% sequential and 43% YOY increase in adjusted earnings for Q4 to $217.8 million. Commenting on its full-year results, the company noted an annual 93% total return to shareholders, the second best performer under that matric on the S&P for 2011. By segment EBIT, El Paso's pipeline group dropped 5% YOY to $417 million. Pipeline declines were due to lower allowance for equity funds used for expansion projects, lower retained fuel volumes in the TGP system and...
Mar 20, 2012
Kinder-El Paso deal destined for FTC reviewThe proposed $38 billion acquisition of El Paso Corporation by Kinder Morgan Inc. may be headed for a lengthy review by the Federal Trade Commission over antitrust issues.
"There's no question that, for the transaction to go through, they may have to give up some assets to address localized competitive concerns," said Mary Anne Mason, an antitrust attorney at Hogan Lovells who specializes in energy issues, speaking to the Wall Street Journal.
Kinder Morgan CEO Richard Kinder alluded that his...
Oct 24, 2011
New credit facilities for El Paso & El Paso Pipeline PartnersEl Paso Pipeline Partners recently closed on a new $1 billion revolving credit facility which increases El Paso’s borrowing capacity from $750 million and the facility now matures in 2016. A syndicate of 24 banks led by Merrill Lynch, Pierce, Fenner & Smith and RBS Securities financed the facility.
El Paso Corporation closed two new revolving credit facilities. El Paso Corp. extended the maturity of its current facility to 2016 and increased the commitment to $1.5 billion from $1.25 billion....
Jul 14, 2011
Marcellus Ethane Pipeline System starts open seasonEl Paso Corporation and Spectra Energy Corp. will hold a 30-day open season until July 27 for their 50:50 Marcellus Ethane Pipeline System (MEPS). Announced last October, MEPS is scheduled to be placed in service in 4Q14 and will be able to transport 90,000 b/d from West Virginia and Pennsylvania to other pipelines or storage facilities on the Gulf...
Jul 14, 2011
TXU who?A little more than a year ago, Hilcorp and Kohlberg Kravis Roberts signed a definitive agreement for their $400 million investment. As Marathon closes the $3.5 billion acquisition the KKR's stake will be reportedly worth $1.13 billion or so and a nice tidy profit for less than a years work.
"At the outset, the KKR-Hilcorp partnership was designed to capitalize on Hilcorp's local acreage and fuel regional development," said KKR's managing director John Bookout. He also noted that KKR...
Jul 14, 2011
El Paso & Williams follow Questar's lead to create simpler business modelEl Paso Corporation plans to split its company into two separate publicly traded entities by year end. El Paso will split into a midstream company and an E&P company. The announcement comes on the heels of Williams� earlier announcement this Spring that it will split into two companies. El Paso Corp. will become the midstream company. It will consist of El Paso's Pipeline Group, its Midstream Group and general and limited partner interests in El Paso Pipeline Partners. El Paso plans to...
Jun 30, 2011
Spinco'El Paso will emerge after the split as two separate companies with completely different mandates. But while the split is similar in theme to spinoffs announced by its integrated natural gas competitors Questar and Williams, the mechanics are bit different.
The El Paso deal will consist of a tax-free spinoff of its exploration and production unit, which will take place at the end of the year. Around 33% of El Paso’s revenue came from the E&P unit, with the other 66% coming from the pipeline...
Jun 17, 2011
El Paso to split into two companiesEl Paso Corporation plans to split its company into two separately publicly traded companies by year end - a midstream company and an E&P company. The news comes on the heels of Williams' announcement that it will split into two companies.
El Paso Corp. will become the midstream company and will consist of El Paso's Pipeline Group, its Midstream Group and general and limited partner interests in El Paso Pipeline Partners. El Paso plans to offer a $0.60/share dividend in 2012 and to target a...
May 31, 2011
New credit facilities for El Paso & El Paso Pipeline PartnersEl Paso Pipeline Partners closed a new $1 billion revolving credit facility. The facility increases El Paso's borrowing capacity to $1 billion from $750 million and the new facility matures in 2016. A syndicate of 24 banks led by Merrill Lynch, Pierce, Fenner & Smith and RBS Securities financed the facility.
El Paso Corporation closed two new revolving credit facilities. The company extended maturity of its current facility to 2016 and increased commitment to $1.5 billion from $1.25 billion....
May 24, 2011
People & Company Briefs - August 27, 2015Parsley Energy named Brad Smith to the new position of VP—corporate strategy and investor relations effective Aug. 1. Smith had been the company’s director, investor relations. In the new role, he will contribute to strategic planning initiatives.SVP and CFO Jan Schott is leaving Goodrich Petroleum to take a financial position with a private company. She will stay through early September to transition current president and COO Robert C. Turnham, Jr. into the CFO role, which he will...
Aug 27, 2015
Capital Market Briefs - October 24, 2011- Blueknight Energy Partners announced the dismissal of its class action lawsuit as part of a settlement with SemGroup Energy Partners, LP. As part of the settlement, neither party admitted to any wrongdoing. Approval was given by the U.S. District Court for the Northern District of Oklahoma.
- Clayton Williams Energy terminated its 2012 and 2013 oil hedges for cash proceeds of $50 million. The proceeds will be used to repay bank debt.
- Concho Resources announced the amendment of its credit...
Oct 24, 2011
People On the Move Briefs - August 26, 2011- Michael Rider joined Aera Energy in Bakersfield, California. He can be reached at 661-665-5895 or mjrider@aeraenergy.com.
- Steven Bryant joined Chesapeake Energy in Oklahoma City as an Associate Landman working the Marcellus. He can be reached at (405)935- 2905 or steven.bryant@chk.com.
- Mathew G. Thompson is the new Business Development Manager for El Paso Corporation. Thompson will focus on transactions in the Southern Region, encompassing Texas, Louisiana and Offshore GOM, but will be...
Aug 26, 2011
Earnings Briefs - August 08, 2011- El Paso Corp. earned $262 million in Q2, up 78% compared with $147 million in the 2010 second quarter. The company has placed three pipeline expansion projects in service so far this year; the Southern Natural Gas South System III Phase II, Southeast Supply Header Phase II, and the Ruby Pipeline; and plans two additional projects for the remainder of the year.
- EOG Resources Inc. reported quarterly net income of $295.6 million, up nearly 400% compared with net income of $59.9 million in...
Aug 08, 2011
People On the Move Briefs - July 06, 2011- Apache moved Michael Bose to region VP and country manager for Argentina. Graham Lawton was named VP of LNG projects, leading the Kitimat project team for the LNG facility and Pacific Trail Pipelines. Kenny Paterson was named VP LNG marketing and shipping, of Apache Energy Ltd.
- Denbury Resources said Craig McPherson joined its senior management team in the newly created position of SVP of Production Operations. With the growth of the company and operating complexities, Denbury decided to...
Jul 06, 2011