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S&P downgrades 3 shale gas drillers; Enterprise moves toward pipe expansion

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S&P downgrades 3 shale gas drillers; Enterprise moves toward pipe expansion

S&P drops ratings of 3rd shale gas driller on outlook for lower prices

S&P Global Ratings on Aug. 26 lowered its ratings on another Appalachian shale driller by one notch, continuing a string of downgrades the rating agency expected for shale gas producers. Most recently, the rating agency downgraded Range Resources Corp.'s issuer credit, senior unsecured and subordinated ratings to BB from BB+, while revising the shale driller's outlook to negative from stable.

Citing lower prices, S&P downgrades another Appalachian shale gas driller

S&P Global Ratings on Aug. 23 lowered its ratings on Appalachian shale driller Antero Resources Corp. by one notch after it dropped its price assumptions for natural gas and NGL prices in the years ahead. Antero's outlook was changed to negative from stable. The rating agency downgraded Antero's issuer credit and senior unsecured ratings to BB from BB+, saying the lower prices will likely result in weaker credit measures.

S&P downgrades shale gas driller Gulfport Energy on low natural gas prices

In the first of several shale gas producers downgrades, S&P Global Ratings cut Gulfport Energy Corp.'s credit rating one notch to B+ from BB- Aug. 20 but maintained the company's stable outlook going forward. S&P lowered the price it uses for oil and gas credit assessments on July 29 and warned that shale gas producers, in particular, could expect downgrades.

Enterprise launches open season for Appalachia-to-Texas ethane pipe expansion

Enterprise Products Partners LP launched a binding open season to gauge interest in an expansion of its Appalachia-to-Texas ethane pipeline. If Enterprise receives enough shipper commitments, the partnership would add up to 50,000 barrels per day of capacity on the pipeline through pipeline looping, hydraulic improvements and other infrastructure modifications, according to an Aug. 26 news release.

UGI closes simplification merger with AmeriGas Partners

UGI Corp. on Aug. 21 closed on its deal to buy the roughly 69.2 million common units of propane retailer AmeriGas Partners LP UGI did not already own, completing the cash-and-stock simplification merger between the two companies. "[T]he merger presents an opportunity to further align our LPG distribution operations across the U.S. and Europe to drive efficiencies and accelerate growth," UGI President and CEO John Walsh said in an Aug. 21 news release.

Report: Oneok Partners' ND liquids spill in 2015 exceeded reported volume

North Dakota health officials said a 2015 spill of natural gas liquids at a gas processing plant, which Oneok Inc. subsidiary Oneok Partners LP initially reported as only 10 gallons, was actually much larger, and the ongoing cleanup could last up to 10 more years, the Associated Press reported Aug. 20. North Dakota Department of Health officials found "at least hundreds of thousands of gallons" of natural gas condensate saturating the ground around a pipeline at the midstream services provider's Garden Creek gas processing plant near Watford City, N.D., according to the news article.

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.