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Stock Market & Financial Investment News

News Breaks
February 28, 2014
08:35 EDTEXLP, EXH, CHK, ACMPExterran Partners to acquire assets from Chesapeake subsidiary
Exterran Partners, L.P. (EXLP) and Exterran Holdings, Inc. (EXH) announced that Exterran Partners has entered into an agreement to acquire natural gas compression assets from MidCon Compression, L.L.C., a subsidiary of Chesapeake Energy Corporation (CHK), for approximately $360M. The assets to be acquired include 334 compression units, with a total horsepower of approximately 440,000, which currently are being used to provide compression services to Access MLP Operating, L.L.C., a subsidiary of Access Midstream Partners LP (ACMP), the largest gathering and processing master limited partnership in the United States as measured by throughput volume. In connection with the acquisition, Exterran Partners and Access have entered into a seven-year contract operations services agreement, to be effective as of the closing, under which Exterran Partners will provide contract compression services to Access in regions including the Permian, Eagle Ford, Barnett, Anadarko, Mississippi Lime, Granite Wash, Woodford, Haynesville and Niobrara Basins. The transaction is expected to be accretive to distributable cash flow. In connection with and upon the closing of the transaction, the Omnibus Agreement between Exterran Partners and Exterran Holdings will be amended to increase the cap on selling, general and administrative costs from $15.0 million per quarter to $17.7 million per quarter. Exterran Holdings and Exterran Partners also have entered into an equity commitment pursuant to which Exterran Holdings has agreed to purchase $150.0 million of newly issued common units from Exterran Partners to fund a portion of the purchase price of the acquisition under certain circumstances if Exterran Partners does not obtain equity capital markets financing prior to the closing date of the acquisition. The transaction is subject to closing conditions and is expected to close in the second quarter 2014.
News For EXLP;EXH;CHK;ACMP From The Last 14 Days
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August 1, 2014
07:30 EDTCHKU.S. oil and gas companies paying less in taxes amid shale boom, WSJ says
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July 30, 2014
18:20 EDTEXLPExterran Partners increases cash dividend 0.5c to 54.25c
Exterran Partners announced a cash distribution of 54.25 per limited partner unit, or $2.17 per limited partner unit on an annualized basis, payable on August 14 to unitholders of record at the close of business on August 11. The distribution to be paid in August is 0.5c higher than the Q1 distribution of 53.75c per limited partner unit and 2c higher than the 2Q13 distribution of 52.25c per limited partner unit.
16:44 EDTACMPWilliams reports Q2 adjusted EPS 23c, consensus 23c
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July 29, 2014
16:52 EDTACMPAccess Midstream reports Q2 EPS 18c, consensus 30c
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15:53 EDTACMPNotable companies reporting after market close
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10:03 EDTCHKChesapeake PRB swap, Utica buyback positive, says Wells Fargo
Wells Fargo views the Powder River Basin asset swap that Chesapeake executed and its plans to repurchase preferred shares of its Utica subsidiary as positives for the company, as the swap provides it with a more concentrated, high-quality acreage position and the repurchase simplifies its capital structure. However, the firm noted that the company's Q2 pricing update brings down its EPS estimate for the quarter by 4c. Wells maintains its Market Perform rating on the stock.
08:18 EDTCHKChesapeake sees Q2 realized NGL price ex-items $21.03 per barrel
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08:12 EDTCHKChesapeake agrees to repurchase all outstanding preferred shares of CHK Utica
Chesapeake also announced that it has agreed in principle to repurchase all of the outstanding preferred shares of its unrestricted subsidiary, CHK Utica from third-party preferred shareholders. Under the agreement, Chesapeake will pay approximately $1.26B to repurchase 1,060,000 preferred shares of CHK Utica. The proposed transaction, which is expected to close today, will retire Chesapeake’s highest cost leverage instrument and eliminate approximately $75M in annual cash dividend payments to third-party preferred shareholders. Chesapeake plans to fund the cash portion of the RKI acreage exchange and the repurchase of the CHK Utica preferred shares with available liquidity, including nearly $1.5B of unrestricted cash held on its balance sheet as of June 30. Chesapeake continues to refine its portfolio to focus on assets that best align with the company’s strategy of profitable growth from captured resources and expects to close additional sales of noncore assets, including non-E&P assets, by the end of 2014.
08:11 EDTCHKChesapeake announces exchange agreement with RKI Exploration
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July 28, 2014
09:01 EDTACMPAccess Midstream ubcreases Q2 distribution to 59.5c per share
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July 20, 2014
11:58 EDTCHKCaterpillar, five others should benefit from global recovery, Barron's says
Caterpillar (CAT), Teradata (TDC), Kennametal (KMT), Capital One Financial (COF), T. Rowe Price Group (TROW), and Chesapeake Energy (CHK) are all relatively cheap and should benefit from global recovery, Barron's contends in its cover article. Reference Link

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