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Stock Market & Financial Investment News

News Breaks
November 13, 2012
07:45 EDTPNY, WPZ, COGPiedmont Natural Gas announces investment in Constitution Pipeline project
Piedmont Natural Gas (PNY) announced its equity investment in Constitution Pipeline Company, a natural gas pipeline project slated to transport natural gas supplies from the prolific Marcellus supply region in northern Pennsylvania to major northeastern markets. The project is scheduled to be in service by March 2015. Piedmont Natural Gas, through its wholly-owned subsidiary Piedmont Constitution Pipeline Company, joins Williams Partners (WPZ) and Cabot Oil and Gas (COG) as a 24% equity participant in the joint venture, and will invest an estimated $180M in the new project.
News For PNY;WPZ;COG From The Last 14 Days
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October 26, 2014
21:06 EDTWPZArmstrong, Chappel to serve as CEO, CFO respectively of merged MLP
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21:01 EDTWPZPurgason to join Williams as SVP overseeing the ACMP operations
Robert S. Purgason, current COO of the general partner of ACMP (ACMP), is expected to join Williams (WMB,WPZ) as SVP overseeing the ACMP operations. Purgason will report directly to Williamsí president and CEO Alan Armstrong. When the merger is complete, it is expected that Purgason also will serve the merged MLP as one of its general partnerís senior vice presidents, rather than as its COO.
20:56 EDTWPZWilliams to complete drop-down of remaining NGL & Petchem Services assets
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20:54 EDTWPZWilliams affirms dividend-growth guidance of approximately 15% annually
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20:50 EDTWPZWilliams, Williams Partners and Access Midstream announce merger agreement
Williams (WMB), Williams Partners (WPZ), and Access Midstream Partners (ACMP) announced that Williams Partners and Access Midstream Partners have entered into a merger agreement with an approximately $50B total transaction value. Williams owns controlling interests in the two master limited partnerships. Upon completion of the merger, expected to occur by early 2015, the merged MLP is anticipated to be one of the largest and fastest growing MLPs with expected 2015 adjusted EBITDA of approximately $5B, industry-leading 10% to 12% annual limited partner unit distribution growth rate through the 2017 guidance period and with expected strong growth beyond. Distribution coverage is expected to be at or above 1.1x or an aggregate of $1.1B through the 2017 guidance period. Cash distributions for 2015 are expected to total $3.65 per limited partner unit, up 50% and 30% over ACMPís 2014 and 2015 distribution guidance, respectively. The merged MLP expects to pay a regular cash distribution in the first quarter of 2015 in the amount of 85c per unit, up 53% over the ACMP distribution paid in the first quarter of the prior year.Prior to the completion of the merger, ACMP will effect a subdivision of its common units and each public unitholder of ACMP will receive 0.06152 additional ACMP common units for each ACMP common unit they hold. In the aggregate, the public unitholders of ACMP will receive approximately 6.3M new ACMP common units with a value of approximately $381M or approximately $3.74 per public ACMP common unit, based on the closing price of ACMP as of October 24. The 6.3M units, or approximately $381M, represents additional value for ACMP public unitholders versus the original June proposal. Williams agreed to reduce the exchange ratio it would receive in the merger to offset the approximately $3.74 of value provided to the ACMP unitholders in the subdivision of the ACMP common units. Taking into account the impact of the subdivision of the ACMP common units and the terms of the merger agreement, the ACMP conflicts committee concluded the impact of the transactions on the public ACMP unitholders represents an effective exchange ratio of approximately 0.80 ACMP common units for each WPZ common unit outstanding. The merger terms were negotiated, reviewed and approved by the conflicts committees of the boards of directors of the general partner of each partnership. Each of the ACMP Conflicts Committee and the WPZ Conflicts Committee has unanimously approved the merger, the merger agreement and the related transactions. As part of their evaluation process, the conflicts committees retained independent legal and financial advisors and each committee received a fairness opinion from its financial advisor. As a result of the merger, WPZ will become wholly owned by ACMP. The merged MLP will be named Williams Partners and will be based in Tulsa with major offices in Oklahoma City, Houston, Pittsburgh, Salt Lake City and Calgary.
October 24, 2014
14:05 EDTWPZ, PNY, COGConstitutional Pipeline receives FERC final environmental review
Constitution Pipeline Company reported a key regulatory milestone toward approval to construct its proposed pipeline on a schedule that targets increasing natural gas supply to New York and New England markets in time for the winter 2015-16 heating season. The Federal Energy Regulatory Commission, or FERC, on Oct. 24 published its final environmental review of the proposed 124-mile Constitution Pipeline. The FERC action is a key step toward the commission's decision on the project, which is expected as early as late November. Assuming timely receipt of all necessary regulatory approvals, Constitution Pipeline would begin construction as early as the first-quarter next year in order to help meet winter 2015-16 heating-season needs in New York and New England. The FERCís 90-day federal authorization decision deadline for the project is set for Jan. 22, 2015. Constitution Pipeline Company is owned by subsidiaries of Williams Partners L.P. (WPZ), Cabot Oil & Gas Corporation (COG), Piedmont Natural Gas Company (PNY), and WGL Holdings (WGL).
07:33 EDTCOGCabot Oil & Gas backs FY15 production growth of 20%-30%
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07:33 EDTCOGCabot Oil & Gas added 20 natural gas derivative contracts for 2015 in Q3
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07:32 EDTCOGCabot Oil & Gas reports Marcellus Shale averaged 1,298 Mmcfo per day in Q3
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07:32 EDTCOGCabot Oil & Gas reports Q3 production up 24% to 132.4 Bcfe
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07:31 EDTCOGCabot Oil & Gas reports Q3 EPS 24c, consensus 22c
Reports Q3 revenue $512.02M, consensus $515.76M
October 23, 2014
15:39 EDTCOGNotable companies reporting before tomorrow's open
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10:01 EDTCOGOn The Fly: Analyst Initiation Summary
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08:13 EDTCOGCabot among Marcellus producers hardest hit by glut, WSJ says
The rapid growth of production from the Marcellus Shale has caused gas prices to drop and forced drillers to re-evaluate operations, with Cabot Oil and Gas (COG) among the hardest hit, said The Wall Street Journal. Other companies mentioned as being impacted and having responded in the report include Ultra Petroleum (UPL), Chesapeake Energy (CHK) and Carrizo Oil & Gas (CRZO). Reference Link
07:00 EDTCOGCabot Oil & Gas initiated with a Neutral at Susquehanna
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October 21, 2014
10:00 EDTCOGOn The Fly: Analyst Upgrade Summary
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05:56 EDTCOGCabot Oil & Gas upgraded to Outperform from Market Perform at Bernstein
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October 20, 2014
16:51 EDTWPZWilliams Partners raises quarterly dividend 5.8% to 92.85c
The board of the partnership's general partner has approved the quarterly cash distribution, which is payable on Nov. 7 to common unitholders of record at the close of business on Oct. 31.
October 17, 2014
14:26 EDTPNYPiedmont Natural Gas files for reduction in North Carolina retail gas rates
Piedmont Natural Gas filed for an overall reduction in its retail natural gas rates in North Carolina as the result of the company's semi-annual review of its margin decoupling mechanism. The filing, if approved by the North Carolina Utilities Commission, would lower the company's retail natural gas billing rates by a net amount of approximately 7c per therm or by approximately 7% for residential customers in North Carolina and would go into effect on November 1. The overall reduction in rates will amount to approximately $32M over the next 12 months.
10:16 EDTWPZHigh option volume stocks
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