Market News
Constellation Energy (CEG)
Constellation Energy Group has sold the New York and Pennsylvania portions of its NewEnergy Gas Division to a partnership between Buffalo, NY energy entrepreneurs Gary Marchiori and Timothy Wright and the energy marketing business of South Jersey Industries.
MW Energy, a partnership that includes Marchiori and Wright, has run the energy marketing business under a variety of owners, beginning with Texaco followed by Dynegy, Noco Energy Marketing and Constellation, which acquired the firm in 2006.
Feb 10 · 5:06:00 PM · Source: Buffalo News
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by Michael Oliveto
Weyerhaeuser (WY)
Weyerhaeuserwas among 35 international companies recognized today by the investor-backed Forest Footprint Disclosure for leadership in managing their operations and supply chains to minimize the effects on forests worldwide.
The report also named Weyerhaeuser best performer in the Industrial and Auto sector. Weyerhaeuser was the only US-based company named a best performer.
Feb 10 · 4:56:00 PM · Source: Company Press Release
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by Michael Oliveto
Dow Chemical (DOW)
Dow Chemical said it will permanently shut down its 100-kilotonne-per-year capacity toluene diisocyanate (TDI) production plant in Freeport, TX.
Dow Polyurethanes will work with Dow Texas Operations to minimize the impact of this decision on the workforce, the company said. The plant will close because the company found manufacturing TDI is no longer economically viable, reports plasticnews.com. The major outlet for TDI is flexible foam for furniture and bedding.
Feb 10 · 4:48:00 PM · Source: Market Publishers
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by Michael Oliveto
Honeywell (HON)
Honeywell announced that it would be turbocharging 70% of the U.S. diesel light truck segment following the launch of Ford's2011 Super Duty Trucks. Ford joins General Motors in adopting Honeywell turbo technologies to boost its line of light duty diesel trucks.
"Partnering with Ford to introduce our industry-first DualBoost technology on its iconic Power Stroke engines exemplifies our technology leadership and demonstrates our ability to provide customized turbo solutions that meet specific engine requirements," said Alex Ismail, President and CEO, Honeywell Transportation Systems. "We are confident that DualBoost will be another success story as part of our technology portfolio for light duty diesel
trucks."
Feb 10 · 4:39:00 PM · Source: PR NewsWire
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by Michael Oliveto
General Dynamics (GD)
The U.S. Army TACOM Lifecycle Management Command recently awarded General Dynamics Land Systems, a business unit of General Dynamics, $253 million for contractor logistics support of the Stryker family of combat vehicles.
Logistics support, vehicle resets and upgrades are a continuing portion of General Dynamics’ combat systems-related business. Work will be performed by existing General Dynamics employees in Alaska, Hawaii, Michigan, Pennsylvania, Texas, Washington, and overseas in Afghanistan, Germany, Iraq and Kuwait. The period of performance is March 1, 2010 through February 28, 2011.
Feb 10 · 4:33:00 PM
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by Michael Oliveto
GE (GE)
GE Energy Financial Services, a unit of GE, announced today that it
has formed partnerships to acquire West Texas natural gas and North Dakota oil and gas reserves for a total of nearly $200 million.
In the first transaction, GE Energy Financial Services formed a partnership with independent oil and gas company Marlin Energy LLC. Their new alliance, Marlin Permian, LP, acquired natural gas reserves in West Texas from an undisclosed seller for $65 million. GE Energy Financial Services will serve as limited partner. Marlin Energy, based in Lafayette, LA, will serve as both general partner of the partnership and operator of the assets.
In the second transaction, GE Energy Financial Services has formed a partnership with Sequel Energy, LLC to acquire oil and gas reserves in the Williston Basin of North Dakota from Denver-based St. Mary Land & Exploration Company for $137 million. GE Energy Financial Services will serve as the limited partner, with Sequel, also based in Denver, serving as general partner and operator.
Feb 10 · 4:15:00 PM · Related: St. Mary Land
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by Michael Oliveto
Anadarko Petroleum (APC)
Western Gas Partners LP acquired a natural gas gathering system and other midstream assets in southwest Wyoming from Anadarko Petroleum for $254.4 million.
Western Gas purchased Anadarko’s 100% ownership interest in the Granger gathering system and the Granger plants, which involve two cryogenic trains with combined capacity of 200 MMcfd, two refrigeration trains with capacity of 145 MMcfd, an NGL fractionation facility with capacity of 9,500 b/d, and associated equipment.
Feb 10 · 4:04:00 PM
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by Michael Oliveto
Devon Energy (DVN)
Danish shipping and oil group A.P. Moller-Maersk has completed an acquisition of a 25 percent stake in the Jack oilfield in the Gulf of Mexico from Devon Energy for $300 million. Maersk's further investment in field seen rising to $1 billion.
The purchase is part of a push by Maersk's oil arm to diversify its production portfolio beyond its North Sea home base. "Most of the investment will lead up to the production start, which is planned for 2014," Maersk Oil Chief Executive Jakob Thomasen told Reuters.
Feb 10 · 3:26:00 PM · Source: Reuters
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by Michael Oliveto
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