Legacy Reserves Enters Equity Distribution Agreement for Up to $60 Million In Units

- Legacy Reserves Enters Equity Distribution Agreement for Up to $60 Million In Units



Aug 25, 2011

Legacy Reserves (NASDAQ:LGCY) entered into an Equity Distribution Agreement with Knight Capital Americas. Pursuant to the terms of the Agreement, the Partnership may sell from time to time through Knight, as the Partnership's sales agent, the Partnership's common units representing limited partner interests having an aggregate offering of up to $60 million.

Sales of the units, if any, will be made by means of ordinary brokers' transactions on the Nasdaq Global Select Market at market prices, in block transactions or as otherwise agreed by the Partnership and Knight.

Legacy Reserves (NASDAQ:LGCY) has a potential upside of 27.5% based on a current price of $26.68 and an average consensus analyst price target of $34.

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Energy Transfer Equity Misses Estimates For Q2

- Energy Transfer Equity Misses Estimates For Q2



Aug 3, 2011

Energy Transfer Equity (NYSE:ETE) reported adjusted Q2 EPS of $0.30, missing analyst estimates of $0.37 per share. Revenues for the quarter rose 45% year-over-year to 1.62 billion, below consensus estimates of $1.81 billion

Mike Bradley, president and chief executive officer of Regency said, "Regency delivered strong results in the second quarter of 2011, fueled by our acquisition activity over the last year and volume growth in south and west Texas in our Gathering and Processing segment."

Energy Transfer Equity (NYSE:ETE) has a potential upside of 21.4% based on a current price of $40.7 and an average consensus analyst price target of $49.4.

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Energy Transfer Equity, Southern Union Announce Amended Merger Agreement

-  Energy Transfer Equity, Southern Union Announce Amended Merger Agreement



Jul 19, 2011

Energy Transfer Equity (NYSE:ETE) and Southern Union (NYSE:SUG) announced that they have entered into an amended and restated merger agreement under which Energy Transfer Equity will acquire Southern Union for $9.4B, including $5.7B in cash and Energy Transfer Equity common units. Under the terms of the revised agreement, which has been unanimously approved by the boards of directors of both companies, Southern Union shareholders can elect to exchange their common shares for $44.25 of cash or one Energy Transfer Equity common unit.

Shares of Southern Union are trading up over 2% to $44.23 on the news.

Energy Transfer Equity has a potential upside of 16.7% based on a current price of $43.86 and an average consensus analyst price target of $51.17.

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Energy Transfer Tells Southern Union It Cannot Hold Talks With Williams

- Energy Transfer Tells Southern Union It Cannot Hold Talks With Williams



Jun 27, 2011

Energy Transfer Equity (NYSE:ETE) said in a letter to Southern Union Co (NYSE:SUG) that it cannot hold deal talks with Williams Companies (NYSE:WMB).

In the letter to Southern Union, Energy Transfer wrote that company's board "is not permitted by the merger agreement to engage in any discussions or negotiations with Williams." It also stated that Southern Union cannot provide nonpublic information to Williams.

The filing also said that Energy Transfer, "does not believe that the board can conclude, in good faith, that the Williams proposal constitutes, or is reasonably likely to result in, a superior offer."

It was also disclosed in a letter from Southern Union that Williams had bid $30 per share for the company in January, an offer that was inferior to one Southern had already received at the time from another, unnamed company.

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Shell joins the project as a gas supplier and equity participant

Shell joins the project as a gas supplier and equity participant

10 April 2011 14:43

San Ramon. Chevron Corporation (NYSE: CVX) today announced the signing of agreements with Shell Development (Australia) Pty Ltd to bring Shell into the Chevron-operated Wheatstone Project as a natural gas supplier and equity participant.

George Kirkland, vice chairman, Chevron Corporation, said, "Chevron is pleased to welcome another participant into the Wheatstone Project. The Wheatstone hub will provide a reliable new source of energy to Australia and the region. It will also further enhance Chevron's position as a leading supplier of liquefied natural gas (LNG) in Asia-Pacific."

Under the unitization agreement with Chevron's Australian subsidiaries, Shell will assume an 8 percent participating interest in the Wheatstone and Iago natural gas fields in the Chevron-operated permits WA-253-P, WA-17-R and WA-16-R, located offshore northwest Australia.
The Wheatstone and Iago gas fields will supply Trains 1 and 2 of the Wheatstone Project, located onshore at Ashburton North in Western Australia.

Shell will also assume a 6.4 percent participating interest in the project facilities, with Chevron remaining project operator.

Chevron Australia managing director, Roy Krzywosinski, said front-end engineering and design (FEED) activity on the Wheatstone Project is nearing completion.

"The Wheatstone Project is set to become one of Australia's largest resource projects and Australia's first LNG hub. A final investment decision is expected in the second half of this year once environmental approvals and other associated agreements are finalized with various levels of government."

The first phase of the Wheatstone Project consists of two LNG processing trains with a combined capacity of 8.9 million tonnes per annum (MTPA) and a domestic gas plant.

Chevron is one of the world's leading integrated energy companies, with subsidiaries that conduct business worldwide. The company's success is driven by the ingenuity and commitment of its employees and their application of the most innovative technologies in the world. Chevron is involved in virtually every facet of the energy industry.

The company explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels. Chevron is based in San Ramon, Calif.

More information about Chevron is available at http://www.chevron.com.

Google to invest in German solar power plant

Google to invest in German solar power plant



Google (GOOG) announced today that it has agreed to make its first clean energy project investment in Europe - a EUR3.5M investment in a solar photovoltaic power plant in Germany. The transaction still requires the formal approval of the German competition authorities and is subject to other customary closing conditions. The recently completed facility is located near Berlin.

The power plant has a peak capacity of 18.65MW, which puts it among the largest in Germany. Google agreed to jointly invest in this project with the German private equity company Capital Stage.

Green Equity to Acquire Property in Neuces County

Green Equity to Acquire Property in Neuces County

Tuesday, April 05, 2011
Green Equity Holdings Inc.

Green Equity has signed a Letter of Intent (LOI) with a Houston-based private company to acquire a 250-acre oil and gas property located in Nueces County, Texas.

The property contains one producing well and proved undeveloped locations, which the Company anticipates to drill and complete in the next 60 days. Under the terms of the LOI, Green Equity Holdings will acquire the property for a price of $2,000,000, paid for in cash, promissory notes and/or Green Equity Holdings' stock.

"Our LOI is aligned with our new strategy to focus on opportunities within the oil and gas industry," said Raymond Dias, president of Green Equity Holdings, Inc. "We plan to acquire natural resource properties that contain already producing wells or those that can be brought into production in the near-term. We believe the timing is right to acquire oil and gas wells at a discount to the market, and then turn them into productive, cash-generating assets for the benefit of our shareholders."

The purchase and sales agreement is expected to be signed by April 29, 2011, and is subject to the approval of the companies' Board of Directors.

Oiltanking Partners Files For $200 Million IPO (OTLP)

Oiltanking Partners Files For $200 Million IPO (OTLP)



Oiltanking Partners LP plans to offer up to $200 million in common units in an initial public offering.

The limited partnership was formed in March, and will serve as a growth vehicle in the U.S. for the Hamburg, Germany based Oiltanking GmbH, the indirect owner of the company's general partner, according to the company's filing with the SEC.

Oiltanking GmbH is the world's second largest independent storage provider for crude, refined products, and liquid chemicals and gases. Oiltanking Partners has terminating, storage, and pipeline operations in Texas and the upper Gulf Coast.

Oiltanking Partners plans to apply to list on the New York Stock Exchange under the symbol OTLP.

Ford's March Sales Outpace GM's (F,GM)

Ford's March Sales Outpace GM's (F,GM)



Ford Motor Co (NYSE:F) posted a 19% increase in vehicle sales for the month of March, driven by strong growth for its Fiesta, Fusion, Escape, and Explorer, as well as the F-Series, which saw year-over-year sales growth of 25%.

Ford's monthly total of 212,777 surpassed that of General Motors (NYSE:GM), which reported selling 206,621 vehicles in the month, though GM outsold Ford for the quarter, 592,545 to 496,720.

Ken Czubay, vice president of Ford U.S. marketing, sales and service, said, "With gasoline prices eclipsing $3.50 a gallon, consumers are placing a high priority on fuel efficiency in every size and kind of vehicle. Customers are rewarding Ford for our investment in new products as well as more efficient engines and transmissions, which save them money at the pump whether they drive Fiestas or F-Series trucks."