Houston-based Enterprise Products Partners announced Wednesday that it is no longer interested in pursuing a merger with Tulsa-based Williams Companies. Enterprise Products cited “recent news leaks, movements in the price of the partnership’s common units as well as questions from investors” as the reason behind the company’s withdrawal of its non-binding proposals to merge with …
Category: Oil & Gas
Spectra Energy to Merge With Enbridge in $28 Billion Deal
Canada’s Enbridge, Inc. announced Tuesday it is acquiring Houston-based Spectra Energy Corp. in a stock-for-stock merger transaction valued at nearly $28 billion. The deal will create the largest energy infrastructure company in North America. “Over the last two years, we’ve been focused on identifying opportunities that would extend and diversify our asset base and sources …
Williams Announces Corporate Realignment
Tulsa’s Williams Companies announced Wednesday that it is implementing organizational changes to simplify its corporate structure and further advance its natural gas-focused strategy. By early 2017, Williams will consolidate the number of company operating areas from five to three. They include Atlantic-Gulf, West and Northeast Gathering & Processing. The Atlantic-Gulf operations will remain under the leadership …
Crude Oil Futures Settle Higher on Wednesday
Oil futures settled at their highest level on Wednesday in nearly a week and ahead of the latest governmental updates on U.S. crude oil supplies, according to Bloomberg MarketWatch. October West Texas Intermediate crude added 67 cents, or 1.5%, to settle at $45.50 a barrel on the New York Mercantile Exchange. On London’s ICE Futures …
Magellan Midstream Offers $500 million in Senior Notes
TULSA, Okla., Sept. 6, 2016 /PRNewswire/ — Magellan Midstream Partners, L.P. (NYSE: MMP) announced today that it has priced $500 million of its 4.25% senior notes due 2046. The notes were priced at 98.762% of par to yield 4.324% to maturity. The partnership intends to use the net proceeds from this offering of approximately $488.7 million, …
Devon Announces Another Big Oil Find in Oklahoma’s STACK
OKLAHOMA CITY–(BUSINESS WIRE)– Devon Energy Corp. (NYSE: DVN) announced today it has successfully tested its third Meramec spacing pilot and commenced production on two high-rate, extended-reach lateral oil wells in the core of the over-pressured oil window of the STACK. The Pump House spacing pilot tested a seven-well pattern across a single-section interval in the …
OIPA Defends Industry in Wake of Pawnee Earthquake
The Pawnee earthquake and subsequent action by the state to shut down more wastewater injection wells has drawn a statement from the Oklahoma Independent Petroleum Association. “The Oklahoma Independent Petroleum Association has released the following statement regarding the state’s recent seismic activity: The OIPA and the oil and gas industry as a whole support the …
Construction Temporarily Halted on Portion of DAPL Pipeline
A judge temporarily halted construction on a portion of the controversial $3.8 billion Dakota Access Pipeline as he took under advisement the Standing Rock Sioux tribe’s challenge regarding the decision of federal regulators to grant pipeline permits to Dallas-based Energy Transfer Partners. Protestors contend the proposed pipeline will contaminate drinking water supplies on the reservation …
Williams Attempting to Divest Gulf Coast Plant Ownership
Tulsa-based Williams Partners announced Tuesday that the company is exploring a potential sale or long-term fee-based tolling services agreement to divest ownership in its olefins plant and complex in Geismar, Louisiana. Williams currently holds an 88.5% ownership interest in the Geismar plant which was acquired in 1999 by the company. In 2015, Williams completed an …
WTI Rises, Brent Crude Falls with Settlements on Tuesday
While the West Texas Intermediate crude oil settlement reflected a gain, Brent crude suffered another loss on Tuesday, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, October West Texas Intermediate crude rose 39 cents, or 0.9%, to settle at $44.83 a barrel, after falling as low as $43.84 a barrel during the trading …