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Enbridge proposes C$2.5B NGL project; S&P shifts EQT outlook to negative

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Enbridge proposes C$2.5B NGL project; S&P shifts EQT outlook to negative

Enbridge unit plans to build C$2.5B NGL straddle plant, pipe in British Columbia

Looking to meet the growing NGL demand, Enbridge Inc. subsidiary Enbridge Frontier Inc. proposed to build an NGL extraction facility, a pipeline and related facilities in northeastern British Columbia. The estimated C$2.5 billion Frontier project involves an NGL straddle plant, which would have an initial capacity of about 1 Bcf/d to 1.5 Bcf/d, and an adjacent initiating pump station about 36 kilometers west of Chetwynd, British Columbia, Enbridge said in an Aug. 21 project description filing with Canada's Environmental Assessment Office. The proposed NGL pipeline would extend 130 kilometers to 170 kilometers from the straddle plant to Taylor, British Columbia.

Rating agency shifts credit outlook to negative for EQT, largest US gas producer

In another sign that predictions of gas prices in the $2.50/MMBtu range are hurting the financial outlook for Appalachia's pure-play gas producers, S&P Global Ratings shifted its outlook on EQT Corp., the nation's largest gas producer, from stable to negative on Aug. 30. "The outlook revision reflects EQT's weaker-than-anticipated financial measures due to the decline in Henry Hub natural gas prices and the recent reduction in our gas price assumptions," S&P Global credit analyst Ben Tsocanos explained.

Sunoco fined $319,461 for Mariner East 2 construction violations in Pennsylvania

Pennsylvania regulators ordered Energy Transfer LP subsidiary Sunoco Pipeline LP to pay US$319,461 in fines for violations resulting from construction work on its Mariner East 2 NGL pipeline, adding to the slew of environmental and regulatory issues dogging the 350-mile project. The Pennsylvania Department of Environmental Protection issued a civil penalty of US$240,840 for violations of the Clean Streams Law and Dam Safety and Encroachment Act, comprising drilling fluid spills due to horizontal drilling activities in 10 counties in 2018, according to an Aug. 29 news release.

Riviera Resources to sell remaining Hugoton Basin properties for $295M

Riviera Resources Inc. signed an agreement to divest its remaining interest in properties in the Hugoton Basin to an undisclosed buyer for US$295 million, marking its exit from the basin, according to an Aug. 28 news release. The properties include 4,000 wells, which reported a second-quarter net production of 104 MMcfe/d, as well as the company's Jayhawk and Satanta natural gas processing plants in Grant County, Kan.

Encana subsidiary completes C$165M sale of Arkoma Basin gas assets

Encana Corp. subsidiary Newfield Exploration Mid-Continent Inc. completed the divestment of its natural gas assets in the Arkoma Basin in Oklahoma to an unnamed buyer for C$165 million. The Arkoma assets comprised about 140,000 net acres of leasehold and roughly 77 MMcfe/d of production, of which 98% is natural gas, according to an Aug. 27 news release.

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.