Investors back out of Colorado-North Dakota pipeline project
The credit crunch has prompted some investors to withdraw from construction of a natural gas pipeline in northwestern Colorado.
Enterprise Products Partners and Quicksilver Gas Services have terminated plans for a 50 percent stake in TransCanada’s $2 billion Pathfinder pipeline project. The 673-mile pipeline would run from Colorado to North Dakota where it would link to a major system in the Midwest.
Quicksilver Gas Services, based in Fort Worth, Texas, decided in August that it wouldn’t pursue the project, spokesman Rick Buterbaugh said Tuesday.
“We think it’s a great project,” Buterbaugh said of the pipeline.
Quicksilver Gas Services, though, is exploring other opportunities, he added.
TransCanada, based in Calgary, Alberta, said it’s working with prospective investors to carry out the project.
Enterprise spokesman Rick Rainey told The Denver Post Monday that considering current credit markets, the Houston-based company is pursuing projects with better returns.
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Atlas Pipeline Holdings, L.P. Reports Third Quarter 2008 Results
PHILADELPHIA–(BUSINESS WIRE)–Atlas Pipeline Holdings, L.P., the parent of the general partner of Atlas Pipeline Partners, L.P. and its subsidiaries, today reported its results for the third quarter 2008. The Partnership, which owns the 2% general partner interest, all of the incentive distribution rights, and 5.8 million common limited partnership units of Atlas Pipeline, presents its financial results consolidated with those of Atlas Pipeline.
On a GAAP basis, the Partnership had net income of $34.0 million for the third quarter 2008 compared with a net loss of $3.1 million for the third quarter 2007. This income in the current period was principally due to $243.4 million of non-cash derivative gains resulting from the mark-to-market adjustment of certain derivative positions that Atlas Pipeline maintains to hedge the variability in expected future cash flows attributable to changes in commodity market prices. This derivative gain was partially offset by higher aggregate volumes on operating systems and an increase in realized commodity prices. Please see today’s Atlas Pipeline press release regarding its third quarter 2008 earnings for further information regarding its results.
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Oil, Gas Mining - Atlas America, Inc. Reports Financial Results for the Third Quarter 2008
PHILADELPHIA–(BUSINESS WIRE)–Atlas America Inc. today reported record financial results for the third quarter 2008.
The results of the third quarter 2008 include:
– Net income of $24.1 million for the third quarter 2008 compared with $7.1 million for the prior year third quarter, an increase of $17.0 million. Diluted net income per share was $0.58 for the third quarter 2008 compared with $0.17 per share for the third quarter 2007, an increase of $0.41 per share. The quarter-over-quarter increase was principally attributable to higher production volumes and an increase in partnership management fee gross margin generated from Atlas Energy Resources, LLC (NYSE: ATN - “Atlas Energy”) and the effect of higher commodity prices, an increase in production volume and mark-to-market adjustments to derivative positions generated from Atlas Pipeline Partners, L.P. (NYSE: APL - “Atlas Pipeline”); Read more
Oil Provider : Western Gas Partners, LP Declares Distribution and Schedules Earnings Conference Call
Western Gas Partners, LP announced today that the board of directors of its general partner has declared a cash distribution of $0.30 per unit for the third quarter of 2008. This distribution will be paid on Nov. 14, 2008 to all unitholders of record at the close of business on Oct. 31, 2008.
The partnership plans to report its third-quarter 2008 financial results after the market closes on Tuesday, Nov. 11, 2008. Management will host a conference call on Wednesday, Nov. 12, 2008, at 9 a.m. CST (10 a.m. EST) to discuss the quarterly results.
The full text of the release will be available on the company’s Web site at www.westerngas.com. To access the live audio webcast, please visit the investor relations section of the company’s Web site, or participate via telephone by dialing 1.800.573.4840, participant code 75310583. Please call in ten minutes prior to the scheduled start time. A replay of the call will be available on the Web site for two weeks following the conference call.
Western Gas Partners, LP is a growth-oriented Delaware limited partnership recently formed by Anadarko Petroleum Corporation (NYSE: APC - News) to own, operate, acquire and develop midstream energy assets. With midstream assets in East Texas, the Rocky Mountains, the Mid-Continent and West Texas, the partnership is engaged in the business of gathering, compressing, treating and transporting natural gas for Anadarko and other producers and customers. For more information about Western Gas Partners, please visit www.westerngas.com.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Western Gas Partners believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this news release. See “Risk Factors” in the Form S-1 registration statement filed with the Securities and Exchange Commission and other public filings and press releases by Western Gas Partners. Western Gas Partners undertakes no obligation to publicly update or revise any forward-looking statements.
Source: Western Gas Partners, LP
Australian oil companies exploration permits in Taranaki
Four Australian oil companies bought stakes in onshore exploration permits offered by New Zealand’s government in the Taranaki region.
Rawson Resources NL and Hardie Holdings Ltd., both based in Sydney, will explore two permits east of the McKee and TAWN fields with local partners, the New Zealand government’s Crown Minerals unit said today. Mosaic Oil NL and GB Energy Ltd. gained stakes in two permits near Origin Energy Ltd.’s Kauri and Rimu fields on the south coast.
Taranaki is New Zealand’s biggest oil and gas producing basin. While its fields are close to pipelines and treatment plants, the region is known for fractured geology and tight reservoirs that can make development costly and time-consuming.
“Over 20 wells are proposed to be drilled within the first five years, looking for shallow and deep targets,” Associate Energy Minister Harry Duynhoven said in a statement. “Four of these are committed to be drilled within the first 24 months.” Read more