Seaway Crude Oil Pipeline Company, a joint partnership that is owned half and half by the affiliates of Enterprise Products Partners (NYSE:EPD) and Enbridge (NYSE:ENB), said Thursday that the final phase is being conducted to prepare for the increase in capacity from roughly 150,000 barrels per day to about 400,000. So as to finish the remaining pump station connections, transportation service has been suspended on the 500-mile, 30-inch diameter pipeline but should resume operations at full rates by the end of next week.
Halliburton Company’s (NYSE:HAL) senior management has told RBC Capital that it expects its North American margins to increase throughout the new year. RBC anticipates that the firm’s international business will grow significantly in 2013 as well, and maintains its Outperform on the shares.
Chevron Corporation (NYSE:CVX) intends to develop Australia’s vast natural gas resources so as to export liquid natural gas to the growing Asian market. Since mid-2009 it has reported 19 discoveries, and the latest discovery, which was declared in October, was at the Satyr-4 well about 75 miles north west of Barrow Island, off the coast of Western Australia. On Thursday morning, the company said that it has made two more finds off the coast of Western Australia, and that this time the reserves are in the Exmouth Plateau area of the Carnarvon Basin.
QR Energy (NYSE:QRE) buys $145 million worth of oil properties lying in the Jay field in the Florida Gulf Coast area from its sponsor, Quantum Resources Fund. The transaction closed on December 28th and was financed with cash on hand, as well as borrowings under its bank credit facility. The purchase is expected to be immediately accretive to distributable cash flow.
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