NextEra Energy's FPL subsidiary, PetroQuest partnering on new gas venture


NextEra Energy (NEE +0.6%) subsidiary Florida Power & Light says it is partnering with PetroQuest Energy (PQ +7.2%) on a new venture to develop up to 38 natural gas production wells in Oklahoma.

PQ will oversee and operate the wells, while FPL will receive a portion of the natural gas produced from each well for its use.

FPL is asking Florida's Public Service Commission to approve guidelines for future natural gas production projects to allow it to invest in natural gas production "at the source rather than paying full market prices," adding that it projects customer savings of up to $107M over the life of the first project.

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Comments (1)
  • Al Boling
    , contributor
    Comments (21) | Send Message
     
    That's a great move for PQ. I'm holding 20 $6 July calls and think I'll take delivery on the PQ stock. Small trade might turn out better than expected
    25 Jun 2014, 05:09 PM Reply Like
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