Kinder Morgan Inc. reported a 6.8% drop in quarterly revenue as its pipelines moved lower volumes of oil and gas. The Houston-based company's revenue fell to $3.39 billion from $3.64 billion, Reuters said.
AltaGas did not name the company, but the Wall Street Journal, citing people familiar with the matter, said the firm was is in talks to merge with WGL Holdings, the parent of natural-gas utility Washington Gas.
A bank spokesman confirmed the contents of the memo on Jan. 11. Ken Pontarelli is the latest senior departure at Goldman Sach's merchant bank, which is led by longtime partner Richard Friedman, Reuters reported.
On Jan. 11, the Tokyo Commodity Exchange (TOCOM) opened a physical market for oil products including gasoline and kerosene, the first such contracts by a Japanese exchange, Reuters reported.
In December, private-equity firm Blackstone was said to be looking at a stake in Energy Transfer, the company building the controversial Dakota Access pipeline.
Banks would have to hold roughly $1 in capital for every $1 of energy infrastructure they owned, which would lead to them having to offer roughly $4 billion in fresh capital, Reuters reported.
Buckeye Partners LP completed its $1.15 billion purchase of a 50% equity interest in VTTI BV’s global marine terminal business, which will be owned jointly with Vitol.
The combined company, which has an enterprise value of $11 billion, will be renamed DCP Midstream LP and will trade with the ticker symbol "DCP" on the New York Stock Exchange.
The system near Carlsbad in Eddy County, N.M., will have low- and high-pressure gas gathering pipelines, a 130 million cubic feet per day cryogenic processing plant and an NGL takeaway pipeline.
The amendment also provides for a new $15 million commitment from certain of the parent’s shareholders in the form of equity or debt by Dec. 31, 2017.
This is TEP’s fifth dropdown acquisition from Tallgrass Development. It was funded at closing through borrowings on TEP’s revolving credit facility.
Petrobras said its 2017-2018 asset sale target would be automatically raised to $21 billion to compensate for the shortfall, Reuters reported.