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Gas midstream may be hit by low prices; Tidewater Midstream starts gas plant

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Gas midstream may be hit by low prices; Tidewater Midstream starts gas plant

Appalachian midstream operators may start to see fallout from low gas prices

Several Appalachian gas pipeline operators have substantial exposure to a group of drillers with declining credit quality and low-growth plans for the future, an S&P Global Market Intelligence analysis found. And analysts are warning that the pipelines' earnings forecasts do not yet account for a coming wave of negotiations for lower transportation rates. In the past month, Appalachia's largest NGL producer, Antero Resources Corp., Utica Shale driller Gulfport Energy Corp. and Marcellus Shale pioneer Range Resources Corp. were all downgraded by S&P Global Ratings, while the bond markets have begun to price in more default risk for the less-than-investment-grade gas drillers.

Tidewater Midstream starts up Pipestone gas processing plant in Montney area

Tidewater Midstream & Infrastructure Ltd. completed the commissioning and startup of its Pipestone sour deep-cut gas processing complex located in the Montney production area. "With the start-up of this strategic asset, Tidewater is well-positioned in the Grande Prairie area to offer Montney producers natural gas and liquids processing, egress and storage opportunities," Tidewater Midstream Vice President of Business Development Toby McKenna said.

Southcross to divest gas pipelines for $31.5M in bankruptcy proceedings

Southcross Energy Partners LP, which filed for Chapter 11 bankruptcy protection, is selling certain natural gas pipeline networks in Alabama and Mississippi for $31.5 million in cash. The partnership, its general partner Southcross Energy Partners GP LLC and its subsidiaries agreed to sell the pipeline networks and related assets to Magnolia Infrastructure Holdings LLC. The U.S. Bankruptcy Court for the District of Delaware approved the transaction Aug. 30, according to a Sept. 17 SEC filing.

Total, Hanwha JV boosts ethylene capacity at South Korea petchem complex

Total SA and Hanwha General Chemical Co. Ltd. joint venture Hanwha Total Petrochemical Co. Ltd. completed its expansion project to increase ethylene production by 30% at its Daesan integrated refining and petrochemicals complex in South Korea. The capacity expansion hiked ethylene production at the complex to 1.4 million tons per year, Total said in a Sept. 17 news release.

FERC approves Rockies Express hub, gas transportation projects for DJ Basin

The Federal Energy Regulatory Commission conditionally authorized gas pipeline projects that would open up transportation routes for Colorado oil and gas producers. The authorizations are good news for the producers in the Denver-Julesburg Basin, Credit Suisse Director Spiro Dounis said in a Sept. 19 alert. "Timing likely 1Q20," Dounis said. "Positive for DJ producers as this was a major bottleneck."

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.