KNOT Offshore CEO/CFO John Costain Steps Down
UK-based KNOT Offshore Partners has announced that John Costain has decided to step down as CEO and CFO of the partnership."Although Costain is resigning in order to pursue other interests outside of the partnership, he will be available for the partnership until 31 May 2019," said a press release from the publicly-traded master limited partnership…
Anadarko to Sell Midstream Assets for $4 Bln
Oil and gas producer Anadarko Petroleum Corp said on Thursday it would sell nearly all of its midstream assets, including pipelines, to its master limited partnership Western Gas Partners for $4.02 billion.The company is selling assets in the Permian basin in Texas and New Mexico and the DJ basin in Colorado.Western Gas will take complete ownership of DBM Oil Services
GasLog Partners Signs New Charter Agreement with Cheniere Energy
GasLog Partners announced that it has entered into a new multi-year time charter for the GasLog Sydney with a wholly owned subsidiary of Cheniere Energy scheduled to commence in 2018. The charterer has options to extend the charter for up to two consecutive periods at escalating rates. GasLog Sydney is a 155…
Shell Offloads Stake in Amberjack Pipeline
Royal Dutch Shell will sell its stake in Amberjack Pipeline Co to its master limited partnership Shell Midstream Partners LP for $1.22 billion, the U.S. pipeline operator said on Thursday.Drop down deals - where a parent transfers assets to its master limited partnership (MLP) - are practiced widely…
Bankrupt Breitburn Rebuffs $1.8 bln Bid
U.S. oil and gas producer Breitburn Energy Partners LP, which has been in bankruptcy since 2016, does not plan to pursue an unsolicited $1.8 billion cash offer from Lime Rock Resources, according to court filings. The offer from Houston-based Lime Rock, which invests in oil-and-gas properties, surfaced…
Oasis Looks Beyond North Dakota to Permian Basin
Oasis Petroleum Inc, the last major oil producer operating exclusively in North Dakota's Bakken shale formation, is heading south to the nation's largest oilfield, pursuing a pricey expansion as investors worry about maturing shale fields. Oasis shares have tumbled 21 percent following last week's disclosure…
BP Midstream Partners Seekup to $893 mln in IPO
BP Midtsream Partners, a unit of British energy company BP Plc, said on Monday it expects to raise up to $893 million from its initial public offering. BP Midtsream expects to sell 42.5 million shares, excluding underwriters' option, at a suggested price range of $19 to $21 each, the company said in a filing with the U.S. Securities and Exchange Commission.
Randgrid FSO Begins Gina Krog Field Contract
Teekay Offshore Partners announced the Randgrid FSO, which was converted from one of the Partnership’s shuttle tankers at Sembcorp’s Sembawang shipyard in Singapore, has commenced its charter contract with Statoil ASA (Statoil) on the Gina Krog oil and gas field in the Norwegian sector of the North Sea.
The Energy Patch: where rights offerings are "sexy" again
Energy businesses that are trying to exit bankruptcy are finding a saviour in some of their own creditors, which have been scooping up newly issued stock from the companies at hefty discounts. More than a dozen so-called rights offerings have raised billions of dollars over the past 18 months, according to data compiled by Reuters…
TransCanada sheds Two Gasline Stakes
TransCanada Corp said on Thursday it would sell its remaining 49.3 percent interest in Iroquois Gas Transmission System LP and an 11.8 percent stake in Portland Natural Gas Transmission System (PNGTS) for $765 million. The Canadian pipeline operator said it would sell the stakes in the two gas pipelines to TC PipeLines LP…
Marathon Sheds Assets to MLP
Marathon Petroleum Corp said on Wednesday it sold some terminal, pipeline and storage assets to MPLX Inc, the master limited partnership that it spun off in 2012, for $2.02 billion. Ohio-based Marathon has said it would speed up asset sales to MPLX and consider a separation of its Speedway retail…
TransCanada to Shed U.S. Northeast Pipeline Stakes
TransCanada Corp said it has offered to sell stakes in two natural gas pipelines that serve the U.S. Northeast to TC PipeLines LP, U.S.-based master limited partnership in which it holds a 27 percent stake. TransCanada said it would sell its 49.3 percent stake in the Iroquois gas transmission system…
Anadarko to Sell Certain Natural Gas Assets
Anadarko Petroleum Corp said on Wednesday it would sell certain natural gas assets in the Marcellus shale to a unit of Alta Resources Development LLC, for about $1.24 billion. The Marcellus shale divestiture includes about 195,000 net acres, the company said. Sales volumes from these assets totaled…
Elliott Asks Marathon Petroleum to Consider Splitting Into Three
Hedge fund Elliott Management, which owns about 4 percent of Marathon Petroleum Corp, urged the company to conduct a strategic review and consider splitting into three businesses. Marathon should consider spinning off of its chain of gasoline and convenience stores or break into three businesses…
Marathon Petroleum Profit Misses; Strategic Moves Planned
Marathon Petroleum Corp reported a much smaller-than-expected quarterly profit on lower pricing and said it would place some assets into MPLX Inc, the master limited partnership that it spun off in 2012. These assets would contribute about $350 million of annual earnings before interest, taxes, depreciation and amortization by the end of 2017.
Buckeye to Acquire 50% of VTTI Marine Terminal
Buckeye Partners LP, which operates pipelines and other transportation and storage assets for liquid petroleum products, said it bought a 50 percent stake in the marine terminal company VTTI BV for $1.15 billion. VTTI is a unit of Vitol Group. The deal is expected to close in early January 2017.
TransCanada Unit offers to buy Columbia Pipeline Partners
TransCanada Corp said on Monday its unit, Columbia Pipeline Group, offered to buy Columbia Pipeline Partners LP for about $848 million in cash. The $15.75 per common unit offer represents a premium of 11.3 percent to Columbia Pipeline Partners' 30-day average closing price as of Sept. 23, TransCanada said.
Enterprise Products Approached Williams over Acquisition
Enterprise Products Partners LP approached Williams Companies Inc earlier this summer about combining their businesses, two of the largest U.S. oil and gas pipeline operations, people familiar with the matter said. Merging Williams' natural gas liquids business in the northeastern United States with Enterprise's ATEX pipeline…
Marathon Petroleum Beats Street
Marathon Petroleum Corp posted a better-than-expected quarterly profit, helped by lower operating costs and robust demand for gasoline during the summer driving season. Marathon said it also gained from the $1.28 billion acquisition of U.S. natural gas processor MarkWest by its master limited partnership, MPLX LP, in December.
Devon to Sell Western Canada Pipeline Stake to CPPIB
Devon Energy Corp said it would sell its 50 percent stake in a pipeline in Western Canada for $1.1 billion to a portfolio company of Canada Pension Plan Investment Board, completing the U.S. oil and natural gas producer's divesture program. The deal is the third in the energy sector in recent weeks involving CPPIB…
