Monday, June 22, 2015

A New Low In Active Rigs; WSJ On The WMB-ETE Deal -- June 22, 2015

Tweeting now:
Japan's Nikkei index hits 15-year high - @BBCNews
Sorry, I Missed This Earlier

I must be getting "numb" to all this. I completely missed this earlier today.

Note, active rigs, reported earlier today:

Active Rigs75189189211173

I completely missed that "75" is a new post-boom low.

I track milestones in rig counts here.

More On The WMB-ETE Deal

WSJ's take on the proposed WMB-ETE deal
Cheap energy has stronger companies across the industry—including exploration and drilling companies—eyeing weaker rivals. But deals have been few as buyout candidates hold out for richer offers. Dallas-based pipeline company Energy Transfer Equity LP. said it has been pursuing Williams for six months.
And it isn’t giving up, saying the proposed all-stock deal would be “the right merger at the right time.” Other pipeline giants also may enter the Williams bidding, said analysts.
Williams, which has roots going back to 1908, owns one of the most critical fuel links from Texas to New York and New Jersey, the 10,000-mile Transco natural-gas network.
The company also is building a line that will move natural gas from the Marcellus Shale in Pennsylvania to New York and New England.
Though little known outside of the energy patch, Energy Transfer has become one of top oil and gas transportation companies in the U.S. under the guidance of a trained engineer and music producer named Kelcy Warren. He started Energy Transfer in 1995 with less than 200 miles of natural gas pipelines in Texas; today the company controls an intricate network of 70,000 miles of oil, gas and fuel lines.
Geographically, a deal with Williams would give Energy Transfer an expanded footprint. Williams has significant fuel-moving capabilities in the northeastern U.S., while most of Energy Transfer’s pipelines are located across the south and Midwest. Since there is little overlap between their networks, Bank of America analysts said the two companies could combine without having to do much to placate antitrust regulators.
Much more at the linked article, of course. Also, this article.

Ms Merkel Caved

As predicted. Link here. Anything is yet possible but the tea leaves are swirling.  If I read this all correctly, Greece gets the bailout money (plus more) simply for "promising" they will hit targets. Details by Friday if the deal gets done.

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