Alex Bucher has resigned as president of Eagle Rock Energy Partners effective June 15 and will leave the company and its board to pursue other opportunities.“We will miss Alex and his significant contribution in our successful gathering and processing operations,” said Joseph A. Mills, Eagle Rock’s chairman and CEO. “To his credit and our benefit, he has assembled a first class organization that will assure continuity in the future execution of our strategic and business plans. As a founder of Eagle Rock, his vision and perseverance have been a driving force behind Eagle Rock’s success. We wish him every success in the future.”
Federal Energy Regulatory Commission Chairman Joseph Kelliher found the perfect ally in shielding tough questions from Washington reporters at a news conference last Monday: his curly-haired 21-month-old son Damien.Turns out that Kelliher’s wife Karen was called for jury duty in District of Columbia Court on the same day Kelliher was to deliver an address to the Deloitte Energy Conference at the Renaissance Hotel in downtown Washington May 14. Kelliher made the commitment to speak at the conference more than a year ago, months before he knew his wife would be called for jury duty.
First quarter net income for Hiland Partners fell 39%, to $3.6 million, from $2.2 million last year due mainly to lower realized natural gas and NGL sales prices and additional depreciation expense and interest expense incurred as a result of the acquisition of the Kinta Area gathering assets effective last May 1 and offset by increased sales volumes from the Kinta Area acquisition and the Bakken and Eagle Chief gathering systems.First quarter performance missed Wall Street expectations due to project delays. Projects are mainly delayed to the third quarter with a ramp-up in cash flow during the remainder of the year.
In its first quarter a standalone company, Spectra Energy reported first quarter net income of $236 million or 37¢ per diluted share, down roughly 6% from $222 million last year. Results include negative impacts of $4 million for the first quarter of 2007 and positive impacts of special items and discontinued operations of $3 million in the first quarter of last year.
Calgary-based Taylor NGL Limited Partnership paid higher distributions to unit holders for the first quarter, up C$7.9 million from C$7.7 million for the same quarter last year. Cash flow was down slightly at C$10.5 million from C$11 million for first quarter 2006.Net income was C$5.98 million, down from C$6.047 million for first quarter 2006. Net operating income was C$14.35 million, down slightly from C$14.41 million for first quarter 2006.
Propane inventories grew by a modest 800,000 bbls last week, moving the nation’s primary supply of propane up to an estimated 28.7 million barrels as of May 4, according to the Energy Information Agency.
Enterprise Group Holdings, which owns the general partner of Enterprise Products Partners, has purchased 17.6% or 39 million common units of Energy Transfer Equity and approximately 62.5 million common units of Energy Transfer Partners.
Eagle Rock Energy Partners has completed its strategic acquisitions which were announced on April 2.The acquisition of certain fee minerals, royalties and working interest properties from Montierra Midstream & Production is now complete, plus the acquisition of Laser Midstream and certain of its subsidiaries was finalized May 3.