Teekay LNG Partners looking to escape MLP structureTeekay LNG Partners intends to revise its tax status to be treated as a corporation instead of a master limited partnership. The LNG shipper also announced it would increase distributions by 36% in 2019.The LNG move from a partnership to a corporation would not include a rollup with Teekay Group continuing to include four NYSE-traded businesses: Teekay Corp., Teekay Tankers, Teekay Offshore Partners and Teekay LNG Partners. Teekay LNG unitholders would have to approve the move, which would make...
Nov 27, 2018
Middle East activity bucking global slowdown trendIncreased rig counts and multiple contract awards have been a positive for many service companies in the Middle East over the past month, even as the industry continues to trend downward.According to Baker Hughes, while worldwide rig activity was down because of low oil prices, rig counts in the Middle East region grew to 419 in November, up by 16 from October and YOY. The count was either down or flat in every other region across the globe.International service company Expro is...
Dec 07, 2015
Asia - October 21, 2015• Green Dragon Gas’ CEO Randeep Grewal said his company has had minimal effect from the devaluation of the yuan. “We’re a domestic producer, we get paid domestically, and we consume domestically, so we are very well sheltered.” He said that the company is benefiting from China’s regional gas market, where prices and demand are currently strong. Green Dragon is a coalbed methane producer. • Petronas said it would still move forward with its C$36 billion Canadian LNG project Pacific...
Oct 21, 2015
Teekay Tankers will increase fleet size by 60%Teekay Tankers Ltd. agreed to acquire a fleet of 12 modern Suezmax tankers for $662 million, giving the company a 22-vessel Suezmax fleet with an average age of just 5.5 years, the company said. The seller is Principal Maritime Tankers, an Apollo Global Management portfolio company, and the vessels are expected to be delivered to Teekay Tankers by the end of October. Teekay Tankers is funding the acquisition with a new debt facility totaling about $400 million, which will be secured by...
Aug 07, 2015
Who's Hot, Who's Not - September 19, 2014Key: Ticker/Current Price/52-Week Low/52-Week High/Market CapUpgrades:• Cabot Oil & Gas Corp. (COG/$33.19/$31.79/$41.78/$13.85B) from Hold to Buy by Stifel.• Chesapeake Energy (CHK/$24.78/$23.92/$31.49/$16.48B) from Hold to Buy at TheStreet Ratings.• Ensco International Inc. (ESV/$44.89/$44.19/$62.25/$10.45B) from Hold to Buy by Standpoint Research.• Exterran Holdings (EXH/$46.31/$26.50/$47.01/$3.03B) from Hold to Buy at TheStreet Ratings.•...
Sep 19, 2014
Who's Hot, Who's Not - August 26, 2014Upgrades:• Athlon Energy (ATHL/$42.69/$26.50/$51.63/$4.38B) from Accumulate to Buy by Tudor Pickering Holt.• Bill Barrett Corp (BBG/$22.21/$20.59/$30.69/$1.12B) from Neutral to Buy by Global Hunter Securities.• Carrizo Oil & Gas (CRZO/$58.32/$32.34/$70.49/$2.71B) from Hold to Accumulate by Tudor Pickering Holt.• Chesapeake Energy Corporation (CHK/$26.02/$23.92/$31.49/$17.32B) from Hold to Buy by Stifel.• Clayton Williams Energy Inc....
Aug 26, 2014
Market says ahoy matey to Teekay Offshore senior notesTeekay Offshore Partners closed $275 million principal amount of 6.0% senior unsecured notes due 2019, and offered 15% mor to underwriters via an overallotment option. Notes will be payable quarterly starting July 30. Sterne, Agee & Leach, DNB Markets, ABN AMRO, Raymond James and Scotiabank co-managed the offering.The partnership, which plans to list the notes on NYSE, expects to use net proceeds to fund newbuildig installments, capital conversion projects and future...
May 22, 2014
Who's Hot, Who's Not - As of October 17, 2013Upgrades:• Bristow Group Inc. (BRS/$78.73/$48.10/79.46/$2.86B) from Sector Perform to Sector Outperform by Howard Weil.• Bristow Group Inc. (BRS/$78.73/$48.10/79.46/$2.86B) from Speculative Buy to Buy by Global Hunter Securities.• Buckeye Partners LP (BPL/$65.63/$44.37/$73.44/$6.96B) from Hold to Buy by Deutsche Bank.• Duke Energy Corp. (DUK/$69.03/$59.63/$75.46/$48.73B) from Hold to Buy by Deutsche Bank.• HollyFrontier Corp....
Oct 17, 2013
Teekay Offshore raises $156 million in equityTeekay Offshore Partners LP priced its follow-on public offering of 5.6 million common units at $27.84 per share. The partnership plans to use the proceeds for general partnership purposes and to fund potential vessel acquisitions from Teekay Corporation. The underwriters have a 30-day option to purchase an additional 840,000...
Dec 03, 2010
Capital Briefs - November 23, 2015• EQT Midstream Partners priced a 5.65 million common unit offering to raise $406 million with a 30-day 847,500- unit overallotment option. The partnership said it would have more than 78.3 million units outstanding after the offering and full exercise of the option. EQT’s units opened for trading at $71.34 each the day of the offering. Proceeds would be used to expand transmission and gathering operations. • Teekay Corporation placed $200 million aggregate principal amount of 8.5%...
Nov 23, 2015
Midstream Briefs - November 17, 2015• EQT Midstream Partners priced a 5.65 million common unit offering on Nov. 10 to raise about $406 million, and granted underwriters a 30-day 847,500-unit overallotment option. The partnership said it would have more than 78.3 million units outstanding following the offering and full exercise of the option. EQT’s units opened for trading on NYSE at $71.34 each the day of the offering. Proceeds would be used for general purposes and to expand transmission and gathering operations next year....
Nov 17, 2015
People Briefs - June 23, 2015Teekay Tankers Ltd. announced that Teekay Corp. President and CEO Peter Evensen has rejoined its board of directors. Evensen previously served as a director from October 2007 to June 2013. Teekay LNG Partners LP elected Jane Hinkley as chairman, succeeding C. Sean Day, who will remain as a director of Teekay LNG and chairman of Teekay Corporation. Hinkley has been on the board for 10 years and was once managing director of Statoil unit Navion Shipping. Vince Lok, Teekay's EVP and CFO, was...
Jun 23, 2015
Midstream Capital Briefs - October 10, 2014• Dallas-based investment firm Alerian is adding proppant producer Hi-Crush Partners to its Alerian MLP and Alerian MLP Equal Weight indices. The Alerian MLP is a float-adjusted, capitalization-weighted index consisting of 50 large- and mid-cap energy master limited partnerships; the Alerian MLP Equal Weight Index consists of the same companies but allocates a 2% weight to each constituent. Hi-Crush replaces Martin Midstream Partners, which was removed from the indices on September 19.•...
Oct 10, 2014
Capital Market Briefs - January 31, 2011- Teekay Offshore Partners LP has received an offer to acquire from Teekay Corporation the remaining 49% interest in Teekay Offshore Operating LP (OPCO) for a combination of cash and Teekay Offshore Partners units. The offer is being reviewed by the Board of Directors.
- Underwriters of Plains All American Pipeline's November 19 unit offering exercised their overallotment option. The underwriters purchased an additional 580,000 units at $62.20 per unit.
- Underwriters of El Paso Pipeline...
Jan 31, 2011