I believe "anon 1" sent
this link a couple of days ago; if so, it was buried in the comments; time to post it.
Plains All American Pipeline L.P. said it bought crude oil and
condensate gathering assets in the Eagle Ford area of South Texas from
Chesapeake Energy Corp. for $125 million, expanding the pipeline
company's stake in a growing energy region.
The deal marks the second deal Chesapeake inked this week, after the
natural-gas producer agreed to sell a substantial majority of its remaining midstream assets for about $2.16 billion in cash to Access Midstream Partners L.P. The sales bring Chesapeake closer to its minimum
target of $11.4 billion in total asset sales for 2012 and will help the
debt-plagued gas and oil driller to receive financing, said Morningstar
analyst Mark Hanson.
Assuming the deal closes this month, Chesapeake will finish the year
with about $10.8 billion in proceeds from asset sales, with an
additional $425 million worth of deals expected to close in the first
quarter of 2013. The Oklahoma City company holds about $10.8 billion of
debt on its balance sheet as it makes an expensive shift to oil drilling
after natural-gas prices remain and at low levels.
It is absolutely impossible for me to keep track of all these pipeline deals, but maybe that's the real story -- the changing complexion of the US energy industry.
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