‘The more credit that you can deal openly increases opportunity to reach a broader open market, reducing barriers and creating opportunity to get more financing liquidity to facilitate growth.’
Oil-price volatility is creating a nightmare for petrochemical companies planning investments, according to Don Bari, vice president of technology and analytics for IHS Chemical and author of the report.
‘We think capital’s really interested in midstream assets and infrastructure,' says energy consultant Arthur Gelber.
After a comment during a recent Plains All American earnings call, analysts reevaluate the outlook for U.S. midstream infrastructure needs.
The company has reduced its term loan debt to less than $100 million and provided $43 million to maintain its liquidity and working capital.
Rice and Gulfport team up to build Utica midstream assets in the dry gas core of the Utica, but Rice faces an estimated $424 million spending deficit in 2016.
The development is capable of supporting a multiple unit-train per day rail terminal for liquid hydrocarbons, in addition to storage, blending and export operations.
The JV significantly increases Rice's leading midstream position in the core of the Utica Shale.
Portfolio managers are interested in the sector because top U.S. refiners’ management teams have capital spending discipline and are returning more cash to shareholders, Reuters said.
The offer was comprised of $500 million of notes due Oct. 15, 2020; $500 million of notes due Oct. 15, 2025 and $600 million of notes due Oct. 15, 2045.
Shares of Exxon and other oil majors, such as Chevron and ConocoPhillips are hardly doing any better than the S&P 500 Energy Index, which is down 25% this year.
Purchases under the program would be funded from available working capital, and purchased units would be held by Dominion or another subsidiary. Units will be purchased over next 12 months.