Tengasco Inc. (Amex: TGC), Knoxville, Tenn., and its Tengasco Pipeline Corp. subsidiary lined up $5.6 million of financing with a special-purpose lender to construct the second phase of the Swan Creek pipeline system. The facility has a five-year term at 10.75% interest and requires payment of interest only for the first six months. The agreement carries no prepayment penalty. The lender will receive a throughput fee of 10 cents per million Btu while the loan is outstanding. It was formed to provide special-purpose financing by certain Tengasco directors, who committed the necessary capital. Tengasco also announced that it has executed a term sheet with Bank One in Houston for a $20-million senior note secured by substantially all of the integrated natural gas company's producing properties. Duke Energy Field Services LLC, Denver, registered with the SEC to offer up to $2 billion of debt. The midstream natural gas company holds the combined gas gathering, storage, marketing and natural gas liquids businesses of Phillips Petroleum Co. (NYSE: P) and Duke Energy Corp. (NYSE: DUK). Net proceeds of any offering under this shelf registration would be used for repayment of other debt, capital expenditures, future acquisitions, advances to subsidiaries, additions to working capital and other general corporate purposes. DEFS would issue new debt under this shelf under its indenture with Chase Manhattan Bank. Fossil Bay Resources Ltd. (Canadian Venture: FBR), Houston, plans to complete a short-term financing by issuing $5 million of secured notes. The Houston independent producer will use proceeds to finance its recent takeover of Blue Sky Resources Ltd. The debt will bear interest at prime plus 2%, and lenders will receive an up-front fee of 8% of principal. Both the fees and the interest will be payable in Fossil Bay stock priced a C40 cents per common share. The debt will be repayable in a year and will be secured by Blue Sky shares that Fossil Bay owns.
Goldman Sachs Expects Commodities Supercycle
2023-03-21 - Jeff Currie, global head of commodities for Goldman Sachs said oil prices will be driven higher by capital flight from the energy market after problems in the banking sector.
Hi-Crush to Deploy Mobile Frac Sand Unit with Pioneer Natural Resources
2023-03-21 - Hi-Crush said it is deploying a second mobile damp sand mining unit with Pioneer Natural Resources following successful operations with the company in September 2022.
Huge Phillips 66 Biofuels Project Will Test the Industry’s Green Promises
2023-03-21 - Phillips 66 says the renewable diesel plant, Rodeo Renewed, will significantly cut certain regulated pollutants and lead to large cuts in greenhouse gasses.
AI, ML Improve Simulations, But Still Vulnerable to ‘Artificial Stupidity’
2023-03-21 - Synthetic data generation can flesh out models to help machine learning and artificial intelligence visualize trends and create better simulations.
BP Delivers Profits of $27.7 Billion in 2022
2023-02-07 - London-based BP Plc reported an underlying replacement cost profit of $27.7 billion in 2022 while reducing net debt to $21.4 billion and achieving an average return on average capital employed of 30.5%. In 2023, the company will remain focused on delivery of its financial frame underpinned by a $40/bbl balance point.