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Tue, Sep. 22, 4:42 PM
- Par Petroleum (NYSEMKT:PARR) says Piceance Energy, in which Par owns a 32.4% interest, has entered into a natural gas joint venture with Questar (NYSE:STR) subsidiary Wexpro for an 80 well drilling program.
- STR says the agreement provides options for Wexpro to acquire development rights for deeper formations and expand the drilling program up to 300 wells, depending on commodity prices.
- Wexpro will fund roughly two-thirds of the required expenses, or $60M-$70M, and Piceance will fund the remaining third.
Thu, Aug. 20, 1:04 PM
- Believing the production costs of its Wexpro unit have become unfavorable following the shale gas boom and the related drop in gas prices, Jefferies' Chris Sighinolfi has downgraded Questar (NYSE:STR) to Hold, and cut his target by $3 to $22.
- Sighinolfi observes management has "noted the difficulty in designing a Wexpro drilling program so that new cost-of-service production is at/below the current 5-yr Rockies-adjusted NYMEX curve," and is exploring options that would allow Wexpro's development work to continue.
- However, he thinks there's "little clarity regarding the magnitude of any potential return change, its anticipated financial impact, or the timing of such adjustments." Wexpro aggregate returns are expected to drop to 14% by 2019 from 18% in 2014.
Wed, Aug. 5, 4:45 PM
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Wed, Jun. 17, 3:49 PM
- MarkWest Energy (MWE +0.3%) is upgraded to Buy from Hold with a $68 price target at Jefferies, which believes the recent share price pullback following MWE's annual investor day earlier this month presents a compelling entry point.
- The firm says it continues to expect MWE to deliver on its targeted distribution growth guidance of 4.5%, 7% and 10%, from 2015-17, respectively, and projects a five-year distribution compound annual growth return of ~8% with average coverage of ~1.1x over the period.
- Among regulated utilities, Jefferies upgrades Questar (STR +1.8%), Southwest Gas (SWX +1.7%) and AmeriGas Partners (APU +1.8%), saying they have fared worse than most in recent weeks amid rising Treasury yields (I, II, III).
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Oct. 29, 2014, 4:57 PM
Oct. 28, 2014, 1:10 PM
Oct. 20, 2014, 7:39 AM
- Tesoro Logistics (TLLP, TSO) agrees to acquire the natural gas pipeline and processing business owned by QEP Resources (NYSE:QEP) in a $2.5B deal.
- TLLP says the deal will expand its scope to include natural gas in addition to oil, as QEP owns gas processing plants and oil and gas pipelines in Wyoming, Colorado, Utah and North Dakota.
- To help pay for the deal, plans a public offering of 19.35M common units.
- QEP says selling the midstream business would improve its financial position and help it pay down debt, as well as improve its competitive position through increased capital investment in its E&P assets.
- Williams Cos. (NYSE:WMB) and Questar (NYSE:STR) reportedly had submitted bids for the assets.
Oct. 17, 2014, 6:06 PM
- QEP Resources (NYSE:QEP) +4.1% AH after Bloomberg reports that Williams Cos. (NYSE:WMB) is among the bidders for its Entrada Midstream natural gas pipeline unit, which could fetch ~$2.5B in a sale.
- Questar (NYSE:STR), QEP’s former parent, also is interested in Entrada, a spokesperson for the gas utility said separately today.
- Entrada and 56%-owned QEP Midstream (NYSE:QEPM) own nearly 3K miles of gas pipelines in the Rocky Mountain region, handling gas gathering and processing services for several major energy companies.
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