Kathie Splinter, Anvil Publishers, Inc.
Tuesday, May 15, 2012
Energy Pipeline News declares force majeure, suspends publication
Under the terms of service of Energy Pipeline News, the publication has the right to terminate publication due to unforeseen events or to declare force majeure and suspend publication when conditions warrant.
Due to the illness of editor Noel Griese, the 13-year-old publication is declaring force majeure and suspending publication. In the event a satisfactory replacement editor can be found, the newsletter will resume publication. If no satisfactory replacement is found, the newsletter will be permanently terminated.
Mr. Griese’s illness is the result of misprescription of a drug called amiodarone. The drug, which is to be used only as a drug of last resort, was prescribed by his physician for a minor non-life-threatening condition. Mr. Griese reminds readers that medical mistakes are the third leading cause of death in the U.S., after only heart disease and cancer. Medical mistakes cause 200,000 fatalities per year in the U.S., and hundreds of thousands of additional injuries.
Kathie Splinter, Anvil Publishers, Inc.
Saturday, May 12, 2012
Cheniere Energy reports first quarter 2012 financial results
HOUSTON, Texas - Cheniere Energy, Inc. (LNG) reported a net loss of $56.4 million, or $0.43 per share (basic and diluted), for the quarter ended March 31, compared with a net loss of $39.8 million, or $0.60 per share (basic and diluted), for the comparable 2011 period.
Results include LNG terminal and pipeline development expenses of $21.8 million, or $0.17 per share for the quarter ended March 31, and $8.4 million, or $0.13 per share, for the comparable 2011 period, which primarily related to the Sabine Pass Liquefaction Project currently under development.
Friday, May 11, 2012
Sunoco Logistics Partners reports earnings for the first quarter 2012
PHILADELPHIA, Pa. - Sunoco Logistics Partners L.P. (SXL) on May 2 announced net income attributable to owners for the first quarter 2012 of $95 million ($0.77 per unit diluted), compared with $48 million ($0.36 per unit diluted) for the first quarter 2011.
Highlights of the first quarter include:
n Adjusted EBITDA of $161 million.
n Record distributable cash flow of $122 million.
n Completed two open seasons for crude pipeline projects in West Texas.
"Demand for our services and assets remained high on continued strong interest for West Texas crude," said Michael J. Hennigan, president and chief executive officer. "Market opportunities within our crude oil business contributed to another excellent quarter."
Commenting on the Partnership's previously announced West Texas crude expansion projects, Hennigan said, "With successful open seasons for our West Texas-Houston and West Texas-Longview projects behind us, we stand ready to meet customer needs now and in the future. An additional open season for our West Texas-Nederland project is currently under way and we are encouraged by the interest we've seen to date. These projects, collectively totaling approximately 110 thousand barrels per day, demonstrate that our attractively positioned assets can bring Permian Basin crude to markets where it makes sense for customers."
Discussing additional organic growth initiatives for the Partnership, Hennigan said, "From an NGL perspective, our Mariner West project, the first ethane pipeline solution in the Marcellus area, is on schedule for a mid-2013 start-up. We are still confident in a Mariner East project as our ability to access waterborne markets will be important as Marcellus and Utica production continues to grow."
In April 2012, Sunoco, Inc. announced that it has entered into a definitive merger agreement to be acquired by Energy Transfer Partners, L.P. The transaction is expected to close in the third or fourth quarter 2012, subject to approval by Sunoco shareholders and customary regulatory approvals.
Thursday, May 10, 2012
Martin Midstream Partners reports earnings increase in 2012 first quarter
Martin Midstream Partners L.P. (MMLP) on May 2 announced first-quarter earnings per share of $0.40 versus an estimated $0.39 per share, beating estimates by 2.6 percent.
Revenues came in at $338.3M versus an estimated $305.04million, beating by 10.9 percent.
Net income for the first quarter of 2011 was $7.3 million, or $0.31 per limited partner unit. Revenues for the first quarter of 2012 were $338.3 million compared to $283.0 million for the first quarter of 2011.
For the quarter ended March 31, net income was not impacted by non-cash derivative losses. For the first quarter of 2011, net income was impacted negatively by $0.5 million, or $0.02 per limited partner unit, in non-cash derivatives net losses from certain commodity and interest rate hedges that are subject to mark-to-market accounting.
The Partnership's distributable cash flow for the first quarter of 2012 was $22.8 million.
Ruben Martin, president and chief executive officer of Martin Midstream GP LLC, the general partner of Martin Midstream Partners, said, "We are pleased with the Partnership's first quarter financial performance. For the quarter we earned distributable cash flow of approximately $22.8 million and a strong distribution coverage ratio of 1.17 times. The Partnership benefitted from stronger than expected performance in our Sulfur Services Segment as our fertilizer and molten sulfur divisions continued their positive momentum and strong margin levels we saw in the fourth quarter last year. Operationally, our fertilizer production units are running at very high levels of utilization that coincides with strong customer demand for our product offerings.”
MarkWest Energy Partners increases quarterly cash distribution to $0.79
MarkWest Energy Partners, L.P. (NYSE: MWE) on April 26 declared a cash distribution of $0.79 per common unit for the first quarter of 2012, for an implied annual rate of $3.16 per common unit. The first quarter 2012 distribution represents an increase of $0.12 per common unit, or 17.9 percent, compared to the first quarter 2011 distribution and an increase of $0.03 per common unit, or 4.0 percent, compared to the fourth quarter 2011 distribution.
Wednesday, May 9, 2012
FTC approves Kinder Morgan-El Paso deal
HOUSTON, Texas - Federal regulators have approved Kinder Morgan's planned $20 billion acquisition of El Paso Corp., the company said on May 1, meaning the deal could close in May and create the largest operator of natural gas pipelines in the U.S.
The Federal Trade Commission also ended the antitrust waiting period, it said.
El Paso shareholders have already approved the deal and are set to vote on the form of payment they want to receive during a May 23 meeting.
The approval includes a previously-announced agreement to sell some assets of Kinder Morgan Energy Partners LP, including Kinder Morgan Interstate Gas Transmission, Trailblazer Pipeline Co., natural gas processing and treating facilities in Wyoming and a 50-percent stake in the Rockies Express Pipeline.
Kinder Morgan Inc. (KMI) announced the plan to acquire El Paso in October, in a deal that was then valued at $20.7 billion.