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Sept. 30-Oct. 4: Hess Midstream reorganizes; Murray Energy could face default

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Sept. 30-Oct. 4: Hess Midstream reorganizes; Murray Energy could face default

A look back at successes and setbacks in the energy industry.

Highs

HESS — Hess Midstream Partners LP on Oct. 4 announced it will purchase the ownership interests of Hess Corp. and Global Infrastructure Partners in Hess Infrastructure Partners LP for $6.2 billion. The deal includes Hess Infrastructure Partners' 80% stake in Hess Midstream's oil and gas midstream assets, its outstanding economic general partner interest in Hess Midstream and the associated incentive distribution rights. The new publicly traded entity will be known as Hess Midstream LP.

NEXTERA — NextEra Energy Inc. yieldco NextEra Energy Partners on Sept. 30 said it is buying Appalachian pipeline company Meade Pipeline Co LLC in a deal valued at $1.37 billion. The acquisition includes AltaGas Ltd. subsidiary WGL Midstream Inc.'s 21% indirect interest in the 185-mile Central Penn pipeline. Meade Pipeline Co. holds a 39.2% stake in Central Penn and WGL Midstream holds a 55% interest in Meade. NextEra Energy Partners is acquiring WGL Midstream's stake in Central Penn through Meade Pipeline Investment LLC. In a separate news release, Cabot Oil & Gas Corp. said it agreed to sell its 20% ownership interest in Meade Pipeline to a subsidiary of NextEra Energy Partners for $256 million.

Between

PACIFICORP — PacifiCorp on Oct. 3 outlined its plans to add significant clean energy resources to its portfolio over the next 20 years. The Berkshire Hathaway Energy subsidiary revealed its preferred portfolio as part of the 2019 integrated resource plan it will file by Oct. 18 with six state regulatory commissions. PacifiCorp said it plans to add more than 3,500 MW of new wind generation and 3,000 MW of solar by 2025. The Oregon utility also plans to add nearly 600 MW of battery storage paired with solar over the next five years. By 2038, PacifiCorp plans to have more than 6,300 MW of solar and 2,800 MW of battery storage projects online in Oregon, Utah, Washington and Wyoming. The company said it will accelerate the retirements of several units at its coal-fired power plants in Colorado, Wyoming and Montana.

ATLANTIC COAST PIPELINE — The U.S. Supreme Court on Oct. 4 accepted for review a case involving a federal appeals court's ruling to vacate a key permit for the Dominion Energy Inc.-led Atlantic Coast Pipeline LLC project, which essentially blocked the 600-mile natural gas pipeline from crossing the Appalachian National Scenic Trail. The pipeline developer and the U.S. Department of Justice want the high court to overturn the U.S. Appeals Court for the 4th Circuit's ruling that found the U.S. Forest Service lacked authority under the Mineral Leasing Act to grant the right-of-way to cross the trail because the land is under the exclusive authority of the National Park Service.

Lows

MURRAY ENERGY — Murray Energy Corp. on Oct. 2 announced it entered into forbearance agreements with its lenders after missing a debt payment. Murray Energy entered into the agreements with lenders holding more than 50% of outstanding loans under its superpriority credit and guaranty agreement and with lenders holding in excess of 50% of outstanding loans under its asset-based lending and first-in, last-out credit facilities. The company said it elected not to make amortization and interest payments due Sept. 30. Murray Energy said the forbearance period, which extends through Oct. 14, is expected to give it the opportunity to "strengthen the company's business, improve its liquidity position, deleverage its balance sheet, and achieve a more sustainable capital structure." Murray Energy-controlled Foresight Energy LP also took similar action after missing a debt payment.