Shares of ATP Oil & Gas Corporation (NASDAQ:ATPG) lose more than one third of their value Monday, following Friday’s Chapter 11 bankruptcy announcement. The firm says that its operations should continue as normal throughout the reorganization process. Notably, ATP has obtained a debtor-in-possession financing commitment for $617 million from members of its current senior lender group.
Kinder Morgan Energy Partners L.P. (NYSE:KMP) is divesting certain Rocky Mountains pipeline and infrastructure assets to private equity Tallgrass Energy Partners for $1.8 billion in cash as a measure to obtain regulatory approval for its $23 billion purchase of El Paso. The transaction is valued at $3.3 billion, including debt.
A joint venture between Exxon Mobil Corporation (NYSE:XOM) and Qatar Petroleum is requesting permission from United States authorities to export large quantities of domestically made liquefied natural gas from its new terminal near the Texas-Louisiana border. Upon approval, the partnership would spend $10 billion to convert the facility into one with the capability of exporting some 15.6 million tons of liquid natural gas per year, to rival Cheniere Energy Pertners, LP’s (AMEX:CQP) facility.
The Chevron Corporation’s (NYSE:CVX) Richmond refinery is being targeted by environmental groups for an upgrade following the recent fire, as Chevron tries to preserve exemptions the facility has enjoyed pursuant to the 1970 Clean Air Act. A confrontation like that could stall repairs to the refinery and make even longer the increase in gas prices experienced in northern California since the fire.
Investing Insights: Silver Outperforms Gold in Highest Close Since June.
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