CALGARY, ALBERTA AND HOUSTON, TEXAS AND FORT WORTH, TEXAS (NYSE:
TRP), affiliates of Enterprise Products Partners L.P. (NYSE: EPD)
and Quicksilver Gas Services LP (NYSE Arca: KGS) today announced
they have signed a Memorandum of Understanding ("MOU") regarding
the proposed Pathfinder Pipeline project. Pursuant to the MOU,
Enterprise and Quicksilver Gas Services would acquire up to an
aggregate 50 percent ownership in the proposed Pathfinder Pipeline
project and commit to ship a total of 500 million cubic feet per
day (MMcf/d) for a 10-year term, on the Pathfinder Pipeline,
subject to the execution of definitive agreements.
Enterprise and Quicksilver Gas Services would own up to 40
percent and 10 percent, respectively, of the Pathfinder Pipeline.
Enterprise and Quicksilver Gas Services anticipate forming a new
entity which will contract for the 500 MMcf/d shipping position.
Enterprise will own 80 percent of this new entity and Quicksilver
Gas Services will own the remaining 20 percent. Upon execution of
Enterprise's and Quicksilver Gas Services' option to acquire
ownership, TransCanada's ownership in Pathfinder would be reduced
from 100 percent. TransCanada will continue to be responsible for
developing, constructing and operating Pathfinder.
The Pathfinder Pipeline project is designed to provide initial
service from Meeker, Colorado to the Northern Border Pipeline
Company system. A subsequent expansion would extend service from
Northern Border to both the Great Lakes Gas Transmission System and
TransCanada's Canadian Mainline pipeline system at Emerson,
Manitoba. The initial capacity of the pipeline will be 1.2 billion
cubic feet per day.
"TransCanada is very pleased to be working with Enterprise and
Quicksilver Gas Services on the Pathfinder Pipeline Project," says
Hal Kvisle, president and chief executive officer of TransCanada.
"Their commitment to the project is a significant milestone toward
obtaining the necessary support for the project and demonstrates
that Pathfinder is a cost competitive solution to moving an
increasing supply of natural gas from the Rocky Mountains to
growing U.S. Midwest and Eastern markets using existing
assets."
Michael A. Creel, president and chief executive officer of
Enterprise said, "We are very excited about the Pathfinder project,
which will complement our integrated energy value chain, and
provide valuable take-away capacity for ongoing expansion efforts
at our Meeker natural gas processing plant."
"The Pathfinder project is an innovative solution to match
natural gas supply from the Rockies with demand from U.S. markets
in a cost-effective manner that benefits consumers, producers and
our unitholders," said Toby Darden, Quicksilver Gas Services
president and chief executive officer. "We are very pleased to
become a part of this important project."
The first phase of the proposed 915-mile (1,465-kilometre)
Pathfinder Pipeline project, which would transport natural gas
north from Meeker, Colorado through Wamsutter, Wyoming to Northern
Border, has an anticipated in-service date of late 2010. The second
phase extending the pipeline to Emerson, where gas can be shipped
to Eastern markets or storage facilities using the Great Lakes Gas
Transmission system and TransCanada's Canadian Mainline system
could be in service as early as the fourth quarter of 2011.
With more than 50 years' experience, TransCanada is a leader in
the responsible development and reliable operation of North
American energy infrastructure including natural gas pipelines,
power generation, gas storage facilities, and projects related to
oil pipelines and LNG facilities. TransCanada's network of wholly
owned pipelines extends more than 59,000 kilometres (36,500 miles),
tapping into virtually all major gas supply basins in North
America. TransCanada is one of the continent's largest providers of
gas storage and related services with approximately 355 billion
cubic feet of storage capacity. A growing independent power
producer, TransCanada owns, or has interests in, approximately
7,700 megawatts of power generation in Canada and the United
States. TransCanada's common shares trade on the Toronto and New
York stock exchanges under the symbol TRP.
Enterprise Products Partners L.P. is one of the largest publicly
traded partnerships with an enterprise value of more than $21
billion, and is a leading North American provider of midstream
energy services to producers and consumers of natural gas, NGLs,
crude oil and petrochemicals. Enterprise transports natural gas,
NGLs, crude oil and petrochemicals through more than 35,000 miles
of onshore and offshore pipelines. Services include natural gas
transportation, gathering, processing and storage; NGL
fractionation (or separation), transportation, storage, and import
and export terminaling; crude oil transportation and offshore
production platform services. Additional information is available
at the partnership's web site (www.epplp.com). Enterprise Products
Partners L.P. is managed by its general partner, Enterprise
Products GP LLC, which is wholly owned by Enterprise GP Holdings
L.P. (NYSE: EPE). For more information on Enterprise GP Holdings
L.P., visit www.enterprisegp.com.
Quicksilver Gas Services LP is a midstream master limited
partnership engaged in the business of gathering, processing and
transporting natural gas. Principle operations are focused on the
Barnett Shale formation in the Fort Worth Basin in north Texas.
Headquartered in Fort Worth, the company's predecessors began
operations in 2004 to provide midstream services primarily to
Quicksilver Resources Inc. (NYSE: KWK), the owner of our general
partner. For more information about Quicksilver Gas Services, visit
www.kgslp.com.
FORWARD-LOOKING INFORMATION
This news release may contain certain information that is
forward looking and is subject to important risks and
uncertainties. The words "anticipate", "expect", "may", "should",
"estimate", "project", "outlook", "forecast" or other similar words
are used to identify such forward looking information. All
forward-looking statements reflect beliefs and assumptions based on
information available at the time the statements were made. Actual
results or events may differ from those predicted in these
forward-looking statements. Factors which could cause actual
results or events to differ materially from current expectations
include, among other things, the ability of TransCanada, Enterprise
or Quicksilver to successfully implement their strategic
initiatives and whether such strategic initiatives will yield the
expected benefits, the availability and price of energy
commodities, regulatory processes and decisions, changes in
environmental and other laws and regulations, competitive factors
in the pipeline and energy industry sectors, construction and
completion of capital projects, labour, equipment and material
costs, access to capital markets, interest and currency exchange
rates, technological developments and the current economic
conditions in North America. By its nature, such forward-looking
information is subject to various risks and uncertainties, which
could cause actual results and experience to differ materially from
the anticipated results or expectations, expressed. Additional
information on these and other factors is available in the reports
filed by TransCanada, Enterprise and Quicksilver with Canadian
securities regulators and/or with the U.S. Securities and Exchange
Commission. Readers are cautioned not to place undue reliance on
this forward-looking information, which is given as of the date it
is expressed in this news release or otherwise, and to not use
future-oriented information or financial outlooks for anything
other than their intended purpose. Neither TransCanada, Enterprise
nor Quicksilver undertake any obligation to update publicly or
revise any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
law.
Contacts: TransCanada Media Inquiries Shela Shapiro/Cecily
Dobson (403) 920-7859 or (800) 608-7859 Investor & Analyst
Inquiries David Moneta/Myles Dougan/Terry Hook (403) 920-7911 or
(800) 361-6522 Website: www.transcanada.com Enterprise Products
Partners Media Inquiries Rick Rainey (713) 381-3635 Investor
Inquiries Randy Burkhalter (713) 381-6812 Website: www.epplp.com
Quicksilver Gas Services Investor and Media Inquiries Rick
Buterbaugh (817) 665-4835 Website: www.kgslp.com
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