Friday, February 23, 2018

Delaware News

Energy Future Postpones Restructuring Hearing

An attorney for Texas' leading power company, the bankrupt Energy Future Holdings, told a court hearing on Thursday that it will delay seeking court approval of a restructuring support agreement that lays a path out of Chapter 11. At the start of a two-day hearing on a request to move the bankruptcy case to Dallas from Wilmington, Delaware, Edward Sassower said Energy Future will postpone to June 30 from June 6 a hearing to approve its restructuring support agreement, known as an RSA.

Halcon Resources to Shed Some Williston Assets

File Image (CREDIT: AdobeStock / (c) Edelweiss)

Oil producer Halcon Resources Corp said on Tuesday it would sell assets it operates in the Williston Basin to Bruin E&P Partners for $1.4 billion in cash, as it looks to focus on the more lucrative Delaware Basin. Halcon shares were up 40 percent at $6.30 in premarket trading. The Delaware basin, part of the larger Permian Basin, has seen a slew of land acquisitions as producers scramble to gain or expand positions in the top U.S. oil field. The assets to be sold produce about 29,000 barrels of oil equivalent per day, Halcon said in a statement.

Energy Future Bankruptcy Case to Stay in Delaware

The Chapter 11 bankruptcy of Texas's largest power company, Energy Future Holdings, will remain with a U.S. Bankruptcy Court in Wilmington, Delaware, the judge handling the case ruled on Thursday. Energy Future filed one of the largest nonfinancial bankruptcies ever in April in Delaware, where the company's subsidiaries are incorporated. The company has $42 billion in debt. U.S. Bankruptcy Judge Christopher Sontchi rejected arguments by a trustee for junior creditors that the case should be in Dallas…

PBF Energy Expects Slowdown in East Coast Rail Volumes

PBF Energy is expecting rail volumes of Bakken crude oil at its East Coast refineries to drop significantly next year, calling rail deliveries "price challenged," the company said on Thursday.   The company is planning on roughly 25,000 barrels-per-day of Bakken crude to be railed into its 85,000 bpd rail terminal in Delaware City, Delaware, CEO Tom Nimbly said on an earnings call. The terminal was completed in 2013, at a time PBF and other refineries were hailing access to Bakken crude as a savior to the local industry. (Reporting By Jarrett Renshaw)

Sundevil Power Files for Bankruptcy

Sundevil Holdings Holdings LLC, which operates two gas-fired power plants in Gila Bend, Arizona filed for U.S. Chapter 11 bankruptcy on Thursday, according to court documents.   The company, owned by private equity firm Wayzata Investment Partners, listed $100 million to $500 million of both assets and liabilities in its filing with the U.S. Bankruptcy Court in Wilmington, Delaware.   The company said it would seek court approval to borrow $45 million to support its operations during its bankruptcy.   (Reporting by Tom Hals in Wilmington, Delaware)    

Terraform Global Sues SunEdison for Breach of Contract

Terraform Global Inc sued its parent and controlling stockholder, SunEdison Inc, for breach of contract on Monday, alleging the struggling renewable energy company misappropriated $231 million of Terraform's cash, according to a filing in a Delaware court.   (Reporting by Tom Hals in Wilmington, Delaware)

PBF's Delaware Cat Cracker Down for a Month

A key gasoline-making unit at PBF Energy Inc's 182,200-barrel-per-day (bpd) Delaware City, Delaware, refinery is expected to be shut for at least a month - and possibly much longer - following an explosion and fire on Friday, a source familiar with plant operations said on Sunday. The unexpected shutdown of the 65,000-bpd fluid catalytic cracker comes as U.S. refiners run at high rates to soak up the remaining profits of a summer marked by higher-than-expected demand. It's also the latest in a string of incidents that have caused gas prices to spike, even as U.S.

PBF Logistics to Buy U.S. Product Terminals

PBF Logistics LP said on Tuesday a subsidiary would buy four refined product terminals located on the U.S. East Coast from an affiliate of Plains All American Pipeline LP for $100 million, doubling its capacity. The terminals are near PBF Energy Inc's refineries in Delaware City, Delaware and Paulsboro, New Jersey. The acquisition includes 57 product tanks with total capacity of about 4.2 million shell barrels, connections to several pipeline systems, 26 truck-loading lanes and marine facilities capable of handling barges and ships.

Coyanosa Survey Phase 1 Set to Begin

A FairfieldNodal and Schlumberger WesternGeco multiclient joint venture project in the southern Delaware Basin of West Texas, known as Coyanosa Phase I, is scheduled to begin shooting late-August. This initial phase, to be acquired by Dawson Geophysical, will consist of 307 square miles of high-quality, 3D seismic data in Ward, Reeves and Pecos Counties, Texas. Of particular interest are the Bone Spring and Wolfcamp formations. The resulting 3D data will tie…

Parallel Energy Files for Bankruptcy, Seeks Sale to Scout Energy

Oil-and-gas company Parallel Energy LP filed for U.S. Chapter 11 Bankruptcy on Monday due to low oil prices and said it had agreed to sell its assets to Scout Energy Group II LP for $110 million, according to court documents. Parallel has 400 active oil and gas wells, mostly in Texas. The company is an affiliate of Parallel Energy Trust of Calgary which filed for protection from creditors in Canada, according to documents filed in the U.S. Bankruptcy Court in Wilmington, Delaware.

Anadarko Petroleum Raises Q4 Volume Outlook

U.S. oil and natural gas company Anadarko Petroleum Corp raised the midpoint of its current quarter forecast for oil sales volume by more than 15,000 barrels of oil per day. Production increases relative to guidance are driven by the core oil-producing areas in the Wattenberg field and the Delaware Basin, Anadarko said on Thursday.   Reporting by Sneha Banerjee

PBF Wants Crude-by-rail Offloading in Ohio

Photo courtesy of PBF Energy

PBF Energy wants to add crude-by-rail offloading capability at its 160,000 barrels per day (bpd) refinery in Toledo, Ohio, to increase crude sourcing flexibility throughout the company's three-refinery system, Chairman Tom O'Malley told analysts on Wednesday.   "We certainly want to have rail facilities at our Toledo refinery, which we don't yet have," O'Malley said. The company is increasing rail shipments of North Dakota Bakken and Canadian heavy crude by rail at its Delaware refinery.   (Reporting by Kristen Hays; Editing by Nick Zieminski)

Anadarko Petroleum to Buy Back $2.5 Bln in Shares

Anadarko Petroleum Corp said on Wednesday that its board had authorized a $2.5 billion share repurchase program through 2018.   The company's shares were up 3.8 percent at $46.5 in after-market trading.   Anadarko also reaffirmed its 2017 production forecast for its Gulf of Mexico and Delaware Basin assets. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Maju Samuel)

US Judge to Approve Peabody Ch. 11 Plan, Subject to DOJ Talks

A U.S. bankruptcy judge said on Thursday he would approve a plan by Peabody Energy Corp , the world's largest private sector coal producer, to exit Chapter 11 bankruptcy subject to discussions with the U.S. Department of Justice.   (Reporting by Tom Hals in Wilmington, Delaware; Editing by Chris Reese)

ConocoPhillips sues Venezuela's PDVSA

Subsidiaries of U.S. oil company ConocoPhillips has sued Venezuelan state oil company PDVSA in a Delaware court, according to a court filing, accusing it of fraudulent operations involving its U.S. subsidiary Citgo. ConocoPhillips said PDVSA operations, including an ongoing bond swap that uses shares in Citgo Holding Inc as collateral, are part of an effort to prevent Conoco from collecting compensation in a dispute over a 2007 nationalization of its Venezuela holdings.

Blackstone to buy EagleClaw Midstream

File Image (CREDIT: AdobeStock / (c) pisotckii)

EagleClaw Midstream Ventures LLC said on Monday it agreed to be bought by funds managed by Blackstone Group LP for about $2 billion.   EagleClaw Midstream Ventures LLC, which owns and operates natural gas pipelines and processing facilities, said the all-cash deal includes about $1.25 billion in debt, financed by Jefferies LLC.   EagleClaw is the largest privately held midstream operator in the Permian's Delaware Basin in West Texas. Reporting by Arathy S Nair 

Plains Says Crude on Texas, New Mexico Pipeline Getting Too Light


Plains All American's told shippers on Friday that crude moving through its West Texas and New Mexico pipeline systems is surpassing pressure limits, according to a notice reviewed by Reuters. It was the latest sign of how pipeline companies are struggling with higher volumes of very light crude from domestic shale plays when refiners have a limited appetite for it. Plains' notice said crude at some Permian Basin connection points is reaching or exceeding limits for Reid Vapor Pressure (RVP), a measure of volatility in oil or refined fuels.

Plains All American to Build New Pipelines in West Texas

Plains All American LP will build two new crude oil pipelines and associated gathering systems in far West Texas and New Mexico, adding more reach to other expansions to move Permian Basin production to markets, the company said on Thursday. Both projects will increase infrastructure to move output from the Delaware Basin part of the Permian, where output is increasingly a very light form of crude known as condensate. Plains said the company will extend its Avalon pipeline in Loving County into Culberson County with a 32-mile…

C&J Energy, Nabors Merger on Hold

A Delaware court has held up the merger of oilfield services provider Nabors Industries Ltd's unit with C&J Energy Services Inc, saying C&J's board did not adequately shop the company, the Wall Street Journal reported, citing people familiar with the decision. A judge, at a hearing Monday in the Delaware Court of Chancery, suspended the deal for 30 days, during which he ordered the C&J board to feel out other potential buyers, the Journal reported. Nabors said…

Key Hearings in Energy Future Bankruptcy Extended

Court hearings to determine if Energy Future Holdings Corp, Texas's biggest power company, can adopt a refinancing package that is key to its massive bankruptcy have been extended through July 11 from the original schedule to end on Tuesday. "I'm worried about that amount of time being sufficient," Judge Christopher Sontchi of the U.S. Bankruptcy Court in Wilmington, Delaware said at the start of Tuesday's session. "We have a lot of witnesses," said Sontchi, who scheduled time in court on Wednesday and July 10 and July 11. The hearings started on Monday.