Breitburn Energy Partners LP, Los Angeles, filed voluntary petitions on May 16 for Chapter 11 in the US Bankruptcy Court for the Southern District of New York. The firm reported debt of $3.4 billion as of Mar. 31. Source: News
SandRidge files petitions under Chapter 11
SandRidge Energy Inc., Oklahoma City, has filed petitions under Chapter 11 in the US Bankruptcy Court for the Southern District of Texas. Source: News
Targa lets contract for Channelview condensate splitter
Targa Terminals LLC, a subsidiary of Targa Resources Corp., Houston, has let a contract to KP Engineering LP (KPE), Tyler, Tex., to provide services related to construction of a previously proposed 35,000-b/d crude oil and condensate splitter at its Channelview, Tex., terminal on the Houston Ship Channel (HSC). Source: News
Range Resources to acquire Memorial Resource Development for $4.4 billion
Range Resources Corp., Ft. Worth, has agreed to acquire Memorial Resource Development Corp. (MRD), Houston, in an all-stock deal valued at $4.4 billion, including the assumption of MRD’s net debt of $1.1 billion as of Mar. 31. Source: News
Inpex-led Ichthys LNG project marks another milestone
The Inpex Corp.-operated Ichthys LNG project has reached another milestone with completion of the prelaying of the 77-km chain and mooring system near Ichthys gas-condensate field in the Browse basin offshore Western Australia. Source: News
New York attorney general asks FERC to review pipeline authorization
New York Atty. Gen. Eric T. Schneiderman (D) asked the US Federal Energy Regulatory Commission to investigate whether Constitution Pipeline’s construction along portions of its right-of-way in the Empire State violated federal law, regulations, and authorizations. Source: News
Statoil farms into licenses on Turkey’s Thrace basin
Statoil Holding Netherlands BV, a wholly owned unit of Statoil ASA, has agreed to take 50% interest in two licenses in the Thrace region of the European northwestern portion of Turkey from Calgary-based Valeura Energy Inc. Source: News
MARKET WATCH: NYMEX oil prices drop modestly, stay above $46/bbl
Light, sweet crude prices dropped moderately on the New York market May 13, holding above $46/bbl after a volatile week. Meanwhile, analysts appeared somewhat optimistic about the possibility of $50/bbl oil later this year. Source: News
Watching Government: Energy partnership has evolved
The US-European energy relationship has moved from multibillion-dollar projects crossing several countries’ borders to smaller, focused efforts that separate governmental and private sector functions, speakers suggested at a May 5 Atlantic Council discussion. Source: News
AWE rejects Lone Star takeover bid
AWE Ltd., Sydney, has rejected an unsolicited $421-million (Aus.) takeover proposal from global private equity group Lone Star Fund. AWE directors labelled the 80¢ (Aus.)/share bid “opportunistic,” adding that it was “indicative, conditional, and nonbinding.” Source: News