Oil and gas executives are generally optimistic about the prospect for growth in the year ahead but are somewhat anxious about the prospect for long-term profits, according to a recent survey of senior executives.
January is usually a pretty quiet month when it comes to acquisitions, but Kinder Morgan Energy Partners started 2013 with a bang by announcing they had reached an agreement to acquire Copano Energy for approximately $5 billion.
Despite an economic downturn, the MLP sector was able to outperform the overall stock market from 2009 through 2011. Although this streak ended in 2012, the outlook for 2013 looks strong, according to John Cusick, at Wunderlich Securities.
World-oil fundamentals are in the early stages of a realignment to reflect the new reality of abundant energy supplies, NGP Energy Capital Management chief executive Ken Hersh told participants at the IPAA Private Capital Conference in Houston.
The recent dropdown acquisition of the remaining interest in the Crestwood Marcellus Midstream LLC joint venture will help the company transition away from its traditional reliance on the Barnett shale, according to Bob Phillips.
The advantage of having access to cheaper energy supplies is benefiting the U.S. economy to the tune of close to $1 billion a day, or roughly $350 billion a year, according to Francisco Blanch at Merrill Lynch.
The second quarter of 2012 saw Chesapeake Energy Corp. take a large step out of the midstream through the $2 billion sale of Chesapeake Midstream Partners (now Access Midstream Partners) MLP to Global Infrastructure Partners (GIP).
Having recently changed its name to Access Midstream Partners LP, the company has reported its second quarter results for 2012, showing an increase of more than 25% from its 2011 second quarter results.