BOE Report

Sadara Joint Venture Begins Polyethylene Production

MIDLAND, Mich.--(BUSINESS WIRE)--The Dow Chemical Company (NYSE: DOW) today announced that its joint venture in the Middle East – Sadara Chemical Company (Sadara) – has achieved a key milestone of first polyethylene production, meeting previously announced targets to begin production by year-end 2015. This landmark investment has been a key pillar of Dow’s targeted, strategic growth actions over the last several years, and supports the Company’s strategy to enable cost-advantaged growth in [Read more]

Energy Industry Expects a Stormy 2016 – BDO Survey

CHICAGO--(BUSINESS WIRE)--BDO USA LLP released today results from its 2016 Energy Outlook Survey, which found that 60 percent of energy chief financial officers (CFOs) expect changes in oil & gas prices to be the single most important factor dictating whether the industry recovers in the coming year—more than double the number expressing similar sentiments last year. Though 2015 got off to a tumultuous start for the sector, CFOs seemed cautiously optimistic in last year’s study that the oil [Read more]

First Reserve and Crestwood Management Announce CEQP Unit Purchase Program Through Crestwood Holdings

HOUSTON--(BUSINESS WIRE)--Crestwood Holdings Partners LLC (“Crestwood Holdings”) today announced plans to implement a unit purchase program of up to $100 million of the limited partner common units of Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood” or “CEQP”) in a move of continued confidence in CEQP’s long-term outlook. Crestwood Holdings is wholly owned by Crestwood Management and First Reserve, the global private equity and infrastructure investment firm exclusively focused on energy, [Read more]

HollyFrontier Corporation Announces Senior Management Change

DALLAS--(BUSINESS WIRE)--HollyFrontier Corporation (NYSE:HFC) (“HollyFrontier” or the “Company”) announced today that George Damiris is being promoted to President and Chief Executive Officer. Mr. Damiris has been Executive Vice President and Chief Operating Officer since September 2014. This promotion will be effective January 1, 2016, and he has been appointed to the Company’s Board of Directors effective today. He previously held the positions of Senior Vice President, Supply and Marketing, [Read more]

Genesis Energy, L.P. to Present at the Wells Fargo Securities 2015 Energy Symposium

HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE:GEL) announced today that Grant Sims, CEO, will make a presentation at the Wells Fargo 2015 Energy Symposium on December 8 - 9, 2015, in New York City. Mr. Sims will discuss Genesis Energy’s performance, growth strategies and financial objectives. Genesis Energy’s presentation will take place on Tuesday, December 8. The presentation is not being webcast but the presentation will be made available on the Partnership’s website at [Read more]

EnLink Midstream, LLC and EnLink Midstream Partners LP to Acquire Subsidiaries of Tall Oak Midstream, LLC for $1.55 Billion

OKLAHOMA CITY--(BUSINESS WIRE)--Tall Oak Midstream, LLC (“Tall Oak”) and its equity partner EnCap Flatrock Midstream (“EnCap Flatrock”) today announced that a subsidiary of EnLink Midstream Partners, LP (NYSE: ENLK) and EnLink Midstream LLC (NYSE: ENLC) (together, “EnLink”) has signed definitive agreements to acquire subsidiaries of Tall Oak Midstream, LLC for approximately $1.55 billion, subject to certain adjustments. These subsidiary entities hold substantially all of Tall Oak’s Oklahoma [Read more]

EnLink Midstream Agrees to Acquire Tall Oak Midstream

DALLAS--(BUSINESS WIRE)--The EnLink Midstream companies, EnLink Midstream Partners, LP (NYSE: ENLK) (the “Partnership”) and EnLink Midstream, LLC (NYSE: ENLC) (the “General Partner”) (together “EnLink”), today announced that a subsidiary of the Partnership and the General Partner signed definitive agreements to acquire subsidiaries of Tall Oak Midstream, LLC for $1.55 billion, subject to certain adjustments. The purchase price will be paid in installments, with the first installment of $1.05 [Read more]

Devon Energy Sharpens Focus on Core Assets

OKLAHOMA CITY--(BUSINESS WIRE)--Devon Energy Corp. (NYSE:DVN) today announced it has agreed to acquire 80,000 net surface acres, with up to 10 prospective zones, in the Anadarko Basin STACK play from privately held Felix Energy, a portfolio company of EnCap Investments, for $1.9 billion. In a separate transaction, the Company has also agreed to acquire 253,000 net acres in the Powder River Basin for $600 million. The transactions will be funded with approximately $1.35 billion of Devon equity [Read more]

Kinder Morgan Announces 2016 Financial Expectations

HOUSTON--(BUSINESS WIRE)--In its third quarter earnings call, Kinder Morgan, Inc. (NYSE: KMI) indicated an expected 2016 growth range of 6 to 10 percent over its 2015 target dividend of $2.00 per share. KMI has now completed its 2016 budget process and expects to generate 2016 distributable cash flow of slightly over $5 billion, which would be sufficient to support dividend growth in the range discussed in the third quarter call. Alternatively, this cash flow can be used to fund some or all of [Read more]

Fitch Affirms Chesapeake Energy's IDR at 'BB-'; Outlook Revised to Negative

CHICAGO--(BUSINESS WIRE)--Fitch Ratings has affirmed Chesapeake Energy Corporation's (Chesapeake; NYSE: CHK) Long-term Issuer Default Rating (IDR) at 'BB-'. The Rating Outlook has been revised to Negative. Fitch expects to rate the company's planned second lien notes issuance 'BB'/RR2. Chesapeake announced the commencement of private offers of up to $1.5 billion in new 8% senior secured second lien notes due 2022 in exchange for certain outstanding senior unsecured notes. The early and late [Read more]