Southwestern Energy bumping up production but not its budget
With more high-priced NGLs from its Marcellus Shale fields in southwest Pennsylvania coming into the production mix, Southwestern Energy Co. executives said the company would produce more oil and gas in 2018 without spending any more money.
"Our focus on liquids growth continues to improve our economics, and we have ample current and forward planned NGL processing and fractionation capacity to deliver," President and CEO William Way told analysts on Southwestern's Aug. 3 earnings conference call. "We are raising production guidance and reaffirming capital guidance, while investing within cash flow generated from our operations, consistent with our clear objective to maintain financial discipline."
Pa. regulator slaps $148,000 penalty on Sunoco for Mariner East 2 violations
The Pennsylvania Department of Environmental Protection imposed a penalty of $148,000 on Sunoco Pipeline LP for water pollution violations during the construction of the Mariner East 2 liquids pipeline. Sunoco agreed to pay the penalty, which would be deposited into the Clean Water Fund and the Dams and Encroachments Fund.
Pennsylvania lifts hold on Mariner East 2, 2X projects at some locations
A Pennsylvania regulator allowed some construction work to resume on Sunoco Pipeline LP's Mariner East 2 and Mariner East 2X liquids pipeline projects in Chester County, Pa., while retaining construction limits at certain locations that lack environmental permits.
The Pennsylvania Public Utility Commission voted 3-2 to lift an injunction issued in June that stopped construction on the projects in West Whiteland Township, Pa., according to an Aug. 2 news release. The injunction required Sunoco to file inspection and testing protocols and plans for emergency response and safety training and to obtain approval from the state's Department of Environmental Protection to resume construction. Sunoco satisfied the filing requirements, but it has not received permits from the Department of Environmental Protection for four locations in the township.
Enbridge closes C$3.15B sale of midstream gas, NGL, renewable assets
Enbridge Inc. closed its sale of U.S. midstream natural gas and liquids business and a portion of its renewables business for total proceeds of about C$3.15 billion. The transactions are part of Enbridge's strategy to transition into a pure pipeline and utility business model, according to Enbridge President and CEO Al Monaco.