Posts for Ticker ‘ETP’

Gas Pipeline Joint Venture Killed (OGE, ETP)

Last September OGE Energy Corp. (NYSE:OGE) and Energy Transfer Partners, L.P. (NYSE:ETP) announced a joint venture to transport natural gas from Texas and Oklahoma to California and the northeastern US. It was an ambitious project and would have been a significant player in the gas transportation space.

Alas, the companies have announced that the deal is dead. OGE’s chairman, CEO, and president said that “conditions in the financial markets are such that any partnership completed in the near term would not likely be economically beneficial to OGE.” ETP’s chairman and CEO echoed that sentiment, “We regret that the capital markets have prevented us from accomplishing our plans to combine these businesses in a strategic joint venture.”

If two major energy companies can’t line up the financing they need to form a regulated return business, this is not good news for any company.

Paul Ausick

Posted on: February 13, 2009 – 10:43 am in Oil & Gas, ,

Energy Transfer Partners Raises Cash, At Minimal Discount (ETP)

Money_stack_pic_3Last night, we covered a filing frin Energy Transfer Partners, L.P. (NYSE: ETP) to sell some 5 million units to raise cash.  The deal not only priced this morning, but the company sold 6 million units rather than 5 million units.

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Posted on: January 22, 2009 – 11:00 am in Oil & Gas, Secondary Offering,

Energy Transfer Partners Raising Cash (ETP)

Money_stack_pic_3Energy Transfer Partners, L.P. (NYSE:ETP) is raising cash.  The company is offering 5,000,000 common units that represent limited partner interests rather than common shares.   

The net proceeds from this sale will be used to repay debt from its revolving credit facility, and the company expects to use some of the funds to finance capital expenditures and other growth projects.

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Posted on: January 21, 2009 – 4:23 pm in Oil & Gas, Secondary Offering,

Cash Pipeline is Flowing, But Rates are Up (ETP, KMP)

Money_stack_pic_5Energy Transfer Partners L.P. (NYSE:ETP) has priced an offering of $600 million in 9.7% senior notes due 2019, and the paper has been rated ‘BBB-’ with a ’stable’ outlook by Fitch Ratings. Earlier this year, Energy Transfer issued $1.5 billion in senior notes in three offerings. The proceeds from those offerings were used to repay existing debt. The new note will pay outstanding borrowing on the company’s revolving credit facility.

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Posted on: December 19, 2008 – 1:01 pm in Bonds, Dividend, Oil & Gas, ,

New Major Gas Pipeline From Fayetteville Heads North (KMP, ETP, SWN, CHK, BP)

Oil_gas_pipeline_picKinder Morgan Energy Partners (NYSE:KMP) and Energy Transfer Partners (NYSE:ETP) are teaming up again, this time on a joint venture to move up to 2 billion cubic feet of natural gas per day from the Fayetteville Shale to the upper Midwest. The two companies announced the formation of the Fayetteville Express Pipeline LLC (FEP), a 50/50 venture that will carry natural gas 187 miles from Conway county, Arkansas, to an interconnection to the Trunkline Gas Company pipeline that goes north to Chicago and on into Michigan. The projected cost for the FEP is $1.3 billion, and the pipeline is expected to be in service by late 2010 or early 2011.

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Posted on: October 1, 2008 – 10:13 am in Oil & Gas, , , , ,

Implications of New Natural Gas Pipeline Joint Venture (OGE, ETP, KMP)

Oil_gas_pipeline_picA 50/50 joint venture between OGE Energy (NYSE:OGE) and Energy Transfer Partners (NYSE:ETP) will create a new midstream company, currently called ETP Enogex Partners LLC, to transport natural gas from Texas and Oklahoma to markets in California and the northeastern US. OGE is contributing all of its Enogex interests to the new JV, and ETP is contributing all its interests in its Transwestern Pipeline, the ETC Canyon Pipeline, and its 50% interest in the Midcontinent Express Pipeline (the other 50% is owned by Kinder Morgan (NYSE:KMP).

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Posted on: September 23, 2008 – 8:49 am in IPOs, Oil & Gas, , ,

Earlybird Analyst Calls (June 6, 2007)

AGN started as Buy at Jefferies.
AW started as Outperform at Credit Suisse.
BAY started as Overweight at JPMorgan.
CACH cut to Neutral at Merriman Curhan Ford.
CIEN started as Outperform at Piper Jaffray.
CPNO started as Outperform at Morgan Keegan.
EPD started as Outperform at Morgan Keegan.
EPE started as market perform at Morgan Keegan.
ETE started as Outperform at Morgan Keegan.
ETP started as Outperform at Morgan Keegan.
GILD cut to Neutral at Credit Suisse.
IMA started as Buy at Stifel Nicolaus.
JCI raised to Outperform at Credit Suisse.
KMP started as Outperform at Morgan Keegan.
KSE raised to Neutral at Credit Suisse.
LOOP started as Buy at Sun Trust Robinson Humphrey.
MNT started as Buy at Jefferies.
NTEC started as Outperform at Rodman & Renshaw.
ORBC started as Outperform at CIBC.
RSG started as Outperform at Credit Suisse.
SINT cut to Hold at Stifel Nicolaus.
TEVA raised to Outperform at Credit Suisse.
VLTR cut to Sector Perform at CIBC.
VRUS started as Buy at B of A.
WMI started as Outperform at Credit Suisse.

Jon C. Ogg
June 6, 2007

Posted on: June 6, 2007 – 6:30 am in Analyst Calls, , , , , , , , , , , , , , , , , , , , , , , , ,