Hope you can read this:
Maybe you ought to get hold of RFK, Jr. and his organization and the National Resource Defense Council to enlist their assistance in getting the PA legislature off their DAs. We're halfway thru another year and I don't have any good feelings about meaningful progress.
have a pipeline to exit the NG from CORR's Pinedale infrastructure. Appears to me that CORR will be SOL in the near future or however long it takes for the lawyers and courts to resolve UPL's demise.
From UPL's latest 10-Q:
On March 8, 2016, we received a letter from Sempra Rockies Marketing, LLC ("Sempra") notifying us that Sempra was exercising its alleged right to permanently recall the 50,000 MMBtu/day of capacity on the Rockies Express pipeline and that the recall would be effective as of March 9, 2016. We had previously received a letter, dated February 26, 2016, from Sempra alleging that we were in breach of our Capacity Release Agreement, dated March 5, 2009, due to nonpayment of fees for transportation service and notifying us that Sempra was authorized to recall the capacity released to us under the agreement and to pursue any claims for damages or other remedies to which Sempra was entitled.
� On March 28, 2016, we received a letter from Rockies Express Pipeline notifying us that, according to Rockies Express, our transportation agreement had terminated effective as of March 26, 2016 due to our alleged defaults under the terms of the Rockies Express tariff and our transportation agreement.
� On April 4, 2016, we received a demand for payment and notice of enforcement from Rockies Express related to our transportation agreement on Rockies Express Pipeline, pursuant to which Rockies Express demanded payment from us of $303.2 million by April 20, 2016.
� On April 14, 2016, Rockies Express filed a lawsuit against us in Harris County, Texas alleging breach of contract and seeking damages related to the alleged breach. We intend to defend this lawsuit vigorously.
this is subject matter for a future note and won't be elaborated further on within this note. That said, Ultra Petroleum moving towards the final stages of what we believe will be a prepackaged bankruptcy filing (and so inquiring regarding the recent Energy XXI bankruptcy filing) is the only logical conclusion we can reach regarding why Ultra Petroleum, a seemingly unrelated E&P to Energy XXI, would be inquiring so delicately about "first day" documentation:
As a long-time CORR holder, I don't see how bankruptcies affect vendors (not creditors) who have contracts for services rendered would be affected UNLESS the bankrupt firm ceases to exist/operate so that CORR's services are no longer required. In UPL's case, it doesn't make economic sense, to me, that the creditors, owed ~$3 billion, would allow UPL to disappear and they lose everything minus the value of fire sale of the Pinedale, Unita, etc properties.
As always, time will tell.
Recently came across some info that caused to start nibbling at this stock. I realize that this is a real speculation but at recent prices and the fact that they're getting government help along with private placement/s makes this an irresistable lure for some $$$.
Now it appears that we have more of an interest in the outcome/s of any lawsuits re tileage. What do you think will be the effect on farming should the court/s rule in favor of the plaintiffs, for example, remove the tiling, impose fees on the tilings....
CorEnergy Responds to EXXI Chapter 11 Announcement
Business Wire CorEnergy Infrastructure Trust, Inc.
4 hours ago
KANSAS CITY, Mo.--(BUSINESS WIRE)--
Energy XXI Ltd and substantially all of its directly and indirectly owned subsidiaries (the “EXXI Debtor Group”) filed this morning a voluntary petition to reorganize, after reaching an agreement with certain creditors to provide support for a restructuring of its debt.
The bankruptcy filing of Energy XXI Ltd, the guarantor of the Grand Isle Gathering System Lease (the “GIGS Lease”), and its failure to make interest payments to its creditors within the applicable cure period, would have constituted defaults under the terms of the GIGS Lease. However, to facilitate post-filing financing arrangements between the EXXI Debtor Group and its lenders, CorEnergy provided a conditional waiver to certain remedies available to it as a result of these non-monetary defaults.
CorEnergy’s tenant under the GIGS Lease, Energy XXI GIGS Services, LLC (“GIGS Services”), has not filed for bankruptcy. Therefore, its obligations under the GIGS Lease are currently not subject to the proceedings affecting the EXXI Debtor Group. CorEnergy has not compromised any remedies available to it for any default by GIGS Services under the GIGS Lease.
“GIGS Services relies on our subsea pipeline and onshore facilities to provide critical transportation, storage and processing services for the EXXI Debtor Group,” said CorEnergy Chief Executive Officer, Dave Schulte. Regarding the waiver, Schulte commented, “As long as our tenant remains in compliance with our lease, including the timely payment of rent, we intend for GIGS Services to maintain its operations of our asset.”
Gas Drillers Go Rigless As Price Collapse Heralds Austerity Era
Natural gas producers are finally realizing that the age-old adage is true: If you find yourself in a hole, stop digging.
(Bloomberg) -- Natural gas producers are finally realizing that the age-old adage is true: If you find yourself in a hole, stop digging.
Explorers have idled drilling equipment at historic rates -- a drop in prices has resulted in the fewest rigs in at least three decades searching for new output. Southwestern Energy Co., the third-largest U.S. gas producer, has stopped drilling altogether, while Chesapeake Energy Corp. has no rigs in the gas-rich U.S. East, down from an average of about 13 in 2014.
It’s part of a broader cost-cutting effort as companies aim to weather the downswing, betting that a price recovery will begin this year. While some unfinished wells can be used to keep up output, the industry is facing a sharp drop in future production without new drilling investment. The lack of exploration is particularly troublesome given that output from gas wells tends to decline sharply from initial production rates.
“Companies that do absolutely nothing are going to lose a quarter of their production this year,” said Neal Dingmann, managing director for equity research at SunTrust Robinson Humphrey Inc. in Houston. “How is that going to look for them in 2017?”
Rigless drillers are the companies hardest-hit by the crash in oil and gas prices. They borrowed heavily at the height of the shale boom to snap up assets, only to see futures tumble. Since October 2014, when Southwestern agreed to buy wells and drilling rights from Chesapeake for $5.4 billion, gas prices have dropped almost 50 percent to below $2 per million British thermal units. Oil is down 54 percent.
Gordon Pennoyer, a spokesman for Chesapeake, and Christina Fow
Could this happen to UPL:
Linn Energy (LINE) announced another step to tackle its hefty debt load on Tuesday.
The troubled Texas-based master limited partnership said that it reached a settlement agreement with holders of its 12% senior secured second lien notes maturing in 2020.
Holders of the 2020 notes and Linn Energy, along with Linn Energy subsidiaries -- other than Berry Petroleum -- agreed to start "good faith negotiations" with one another throughout Linn Energy's restructuring, which may also include a chapter 11 reorganization.
Linn Energy also agreed to deliver the mortgages, which are the collateral for the notes, to the collateral trustee. Under terms of the initial agreement with the bondholders, Linn Energy was supposed to deliver the mortgages by Feb. 18, 2016, but it decided to elect its 45-day grace period before doing so.
A settlement being reached on the 2020 notes bears some significance, as the notes are relatively new. They were issued as part of an exchange offering in November, in which holders of several unsecured senior notes were able to make a small move up the claims totem pole in the event of a Linn Energy default. The notes have priority over unsecured senior indebtedness of the company, but they have second-priority to claims on Linn Energy's other assets.
In Tuesday's press release, Linn Energy also addressed its ongoing exchange offering. Real Money reported last month that Linn Energy announced the offering in an effort to help investors in the MLP avoid the possible tax liabilities they would incur if Linn Energy's debts were cancelled in a restructuring process.
If investors were to participate in the exchange, they would receive one share of LinnCo (LNCO) stock for one unit of Linn Energy. To be sure, the exchange itself would also create a taxable event, though perhaps one that is less severe than investors receiving cancellation of debt income, which is taxed at ordinary income tax rates.
Linn Energy and LinnCo have ur
I thought it was a well written report. The depressing aspect was the stretout of dates for anything to happen. The positive side to what I just said that it's all relatively short time when compared to the 15+ years that Bion has struggled along already.
Good for you. I still have a ways to go but a few more daily move like today and I'll be smiling, too. That buy-back program must be working.
Just did a search of the Illinois Nutrient Loss Reduction Strategy for "dairy" and "feedlot" and got NO hits. Strictly addressing agriculture's impact for N & P pollution problems
Forgot to say that the moderator wasn't optimistic that the court would hear the case this summer so I'll say it again, Time (a lot of it) will tell.
Another market is the rubber glove manufacturing industry. According to Osmocell’s internal research, the 4 top companies in Malaysia have approximately 50 manufacturing sites, each site handling an average of 2,000 tonnes of water per day, totaling more than 36 million tonnes per year. The effluent is heavy in organics and ammonia.
I attended a IL Farmer's meeting last Saturday and one of the topics discussed was Keeping Nitrogen and Phosphorous on the Farm and out of the Water. One of the attendees was from Iowa and said that the Iowa Supreme Court was to decide this summer whether farm tileage was a source of N&P pollution - if so, that would have a big impact on agriculture. Have you heard about this?
Still of the opinion that with NO budget passed, anything involving money let alone maybe significant money will move forward beyond the talk stage.