Blackstone Mulls Stake in ETP Assets
Private-equity firm Blackstone Group LP is in talks to buy a stake in assets owned by Energy Transfer Partners LP, the company building the controversial Dakota Access pipeline, a source familiar with the situation said on Thursday. Blackstone is discussing joining the deal with Jamie Welch, who previously served as chief financial officer of ETP parent Energy Transfer Equity LP. The deal is expected to be valued at about $5 billion or more…
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, which runs from that region to Texas, could generate significant revenue and cost synergies for Enterprise. The approach came as oil prices began to recover from a steep slump.
Williams Sues Energy Transfer Over Preferred Share Offering
Williams Companies Inc has sued Energy Transfer Equity LP to block a private preferred share offering disclosed last month, saying it was a breach of their merger agreement. The offering provides certain Energy Transfer investors preferential treatment on its distributions, Williams said in a statement. Williams also said it was suing Kelcy Warren, chairman of the general partner of Energy Transfer. (Reporting by Amrutha Gayathri in Bengaluru)
Energy Transfer to Take Shareholder Vote on Williams Deal
Pipeline giant Energy Transfer Equity Lp is likely to take a shareholder vote on its proposed buyout of rival Williams Companies Inc, CNBC reported, citing sources. Energy Transfer in September agreed to buy Williams in a deal valued around $33 billion at that time. Energy Transfer did not immediately reply to a call and email seeking comment. (Reporting by Anet Josline Pinto in Bengaluru)
Sinking Shale Could Take Pipeline Business With It
Within weeks, two low-profile legal disputes may determine whether an unprecedented wave of bankruptcies expected to hit U.S. oil and gas producers this year will imperil the $500 billion pipeline sector as well. In the two court fights, U.S. energy producers are trying to use Chapter 11 bankruptcy protection to shed long-term contracts with the pipeline operators that gather and process shale gas before it is delivered to consumer markets.
As U.S. Shale Sinks, Pipeline Fight Looms
Within weeks, two low-profile legal disputes may determine whether an unprecedented wave of bankruptcies expected to hit U.S. oil and gas producers this year will imperil the $500 billion pipeline sector as well. In the two court fights, U.S. energy producers are trying to use Chapter 11 bankruptcy protection to shed long-term contracts with the pipeline operators that gather and process shale gas before it is delivered to consumer markets.
Chesapeake Energy Woes Cast Shadow on U.S. Pipeline Companies
U.S. oil and gas pipeline companies including Williams Companies Inc and Kinder Morgan Inc have contracts worth billions of dollars that might be at risk as Chesapeake Energy Corp aims to slash its debts amid collapsing energy prices. Chesapeake said on Monday it had no plans to file for bankruptcy after sources told Reuters the firm, whose debt is eight times its market value, had asked its longtime counsel to look at restructuring options.
Williams Partners Cuts 2016 Capex by About $1 bln
Pipeline operator Williams Partners LP , a master limited partnership of Williams Companies Inc , cut its 2016 capital budget by about $1 billion, or by almost a third, to $2 billion. The company said the spending plan reduction was due to delays and cancellations in its projects on the back of the current commodity price environment as well as sharply higher costs of raising capital. Oil prices remain near 12-year lows as global supply continues to outstrip demand.
Energy Slide Batters U.S. Stocks, ETFs
Oil price swings weighed on stocks and exchange-traded funds again on Tuesday, hitting the shares of energy producers for the fifth consecutive trading day. Oil futures flipped back and forth between positive and negative during U.S. morning trading, whipsawing the markets. Oil producers' shares have slid for a week as crude prices hit fresh lows on fears the world is running out of storage capacity and a global supply glut intensifies.
ETE to Press on with Williams Buy Offer
Pipeline company Energy Transfer Equity LP said it planned to proceed with its proposal to buy rival Williams Companies Inc despite being rebuffed, indicating it may go hostile with the offer. Energy Transfer offered $48 billion in stock in June but Williams rejected the proposal, saying it was too low. The all-stock offer is now worth $44.6 billion as Energy Transfer's shares have fallen since then. Energy Transfer said on Tuesday it would take any steps necessary to acquire the natural gas pipeline company…
Energy Transfer Equity Bids for Williams Co
Energy Transfer Equity LP, a portfolio company that owns energy assets, said it has made an all-equity offer of $53.1 billion, including debt, to merge with Williams Companies Inc. Energy Transfer equity said it would buy all of the outstanding common stock of Williams at $64 per share, which represents a 32.4 percent premium to its closing price on June 19. Reporting by Ismail Shakil
Williams Co Vying for QEP's Gas Pipeline Unit
Williams Companies Inc is said to be one of the bidders for QEP Resources Inc's natural gas pipeline unit, Bloomberg reported, citing people familiar with the matter. QEP is likely to select a buyer within weeks for Entrada Midstream Inc, which may fetch about $2.5 billion, Bloomberg quoted the sources as saying. Under pressure from Jana Partners LLC, QEP said in June it would spin off QEP Field Services Co and rename…
Four Hurt in 'Flash Fire' at Wyoming Natgas Tank
Four workers were injured Tuesday in a storage tank fire at a natural gas production facility at top gas producer EOG Resources Inc in Wyoming, the company said on Wednesday. The EOG employees and two contract workers were cleaning the tank when the fire broke out at about 2:00 p.m., said Houston-based EOG Resources spokeswoman K Leonard. "The tank stores natural gas, and was undergoing cleaning when the explosion occurred," the Lincoln County Homeland Security & Emergency Management said in a statement.
Explosion Rocks Natural Gas Processing Plant In Wyoming
An explosion on Wednesday rocked a natural gas-processing plant in Wyoming that can churn out about 2 percent of the daily U.S. gas supply, though no injuries were reported. The blast at the Williams Companies Inc plant in Opal, Wyoming, touched off a fire that was still burning several hours later, company spokeswoman Michele Swanersaid. She said all 42 employees of the evacuated plant had been accounted for and were not injured.
