Chesapeake sells pipeline
Houston-based Plains All American Pipeline LP announced Thursday it has acquired crude oil and condensate gathering assets in south Texas' Eagle Ford Shale from a subsidiary of Chesapeake Energy Corp. Chesapeake acknowledged the deal earlier this week, without naming the buyer, when it announced the sale of more than $2 billion in pipeline assets to former subsidiary Access Midstream Partners. Plains is acquiring about 40 miles of gathering pipelines with a throughput capacity of about 50,000 barrels a day. The deal also includes 150,000 barrels of storage capacity, with another 30,000 under construction, and a truck unloading terminal.
Williams plans public offering
TULSA — The Williams Cos. Inc. has priced a public offering of $850 million in senior notes at 99.722 percent of par. The expected settlement date for the offering is Tuesday. Williams intends to use proceeds from the offering to finance a portion of its investment in Access Midstream Partners LP and its general partner.
Syntroleum completes projects
TULSA — Syntroleum Corp. subsidiary Dynamic Fuels has completed turnaround maintenance and commissioning of two new feedstock pre-treatment units at its Louisiana facility, according to a regulatory filing. Dynamic Fuels is not sure when it will commence production at the plant, which turns animal waste from partner Tyson Foods into renewable diesel.
Pipeline building can continue
TransCanada can continue work on its Keystone XL pipeline in Texas at least until a hearing scheduled for next week, Judge Jack Sinz said Thursday when he lifted a temporary restraining order. Property owner Michael Bishop in Douglass, Texas, agreed to allow the Canadian pipeline company to transport crude oil across his property, but he has argued that Canadian tar sands — or diluted bitumen — are not crude oil because the product begins as a near solid and must be diluted before being transported through a pipeline.
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