VALLEY FORGE, Pa. — UGI Corporation announced that its Board of Directors has initiated a process to evaluate potential strategic alternatives with the intent to unlock and maximize shareholder value. In consultation with financial and legal advisors, the strategic review, focused on the LPG businesses, will consider a range of strategic, operational and financial alternatives.
During the latest mid-month period, prices at Mont Belvieu, Texas, decreased as summer begins wrapping up. The posted prices decreased 3.167 cents/gal, from July mid-month to August mid-month while the spot prices decreased 3.75 cents. Conway, Kan., postings remained flat at 68.748 and spots decreased 0.5 cents over the month.
Canada's primary underground propane inventories increased by 18.94% in August, according to the Canada Energy Regulator. The total represented a month-to-month increase of 220.1 Mcm. Compared to a year earlier, stocks were lower, with 30 Mcm, or 2.12%, less product on hand.
DALLAS & HOUSTON (Aug. 16, 2023) — Energy Transfer LP and Crestwood Equity Partners LP announced that the parties have entered into a definitive merger agreement pursuant to which Energy Transfer will acquire Crestwood in an all-equity transaction valued at approximately $7.1 billion, including the assumption of $3.3 billion of debt, based on the closing price on Aug. 15, 2023.
STAMFORD, Conn. (Aug. 09, 2023) — Star Group L.P., a home energy distributor and services provider, announced it has completed the purchase of a privately held propane company for approximately $18.4 million.
The entity, with operations in Long Island, will enhance the company’s footprint across the area.
Additional terms were not disclosed.
NEW MILFORD, Conn. (Aug. 15, 2023) — Cetane Associates announced that American Lease Inc., a Delaware corporation, has acquired certain tangible and intangible assets related to the residential distillates delivery and service business of Sperr’s Fuel & Heating Co., a corporation based in Glen Mills, Pennsylvania. The transaction closed on June 28, 2023.
CANTON, Mass. (Aug. 16, 2023) — Gray, Gray & Gray LLP, a business consulting and accounting firm based in Canton, Massachusetts, has announced the promotion of 12 team members to new positions:
Chicago, Illinois (Aug. 9, 2023) — DCC Propane, the seventh largest propane provider in the United States, has announced the acquisition of San Isabel Services Propane, a locally operated propane provider founded in 2002, that has accrued over 100 years of industry experience. San Isabel Services has earned a reputation as a trusted name in residential and commercial propane services throughout southern Colorado.
The U.S. Energy Information Administration (EIA) expects United States crude oil production to surpass 12.9 million barrels per day for the first time in late 2023 and to exceed 13 million barrels per day in early 2024.
In its August "Short-Term Energy Outlook" (STEO), EIA forecasts U.S. crude oil production to average 12.8 million barrels per day in 2023, which is 200,000 barrels per day more than in its July forecast.
CLIO, Mich. (Aug. 3, 2023) — TerraVest Industries, a storage and transport equipment company for the compressed gas industry, announced the appointment of their new Ontario territory manager, Adam Roth. With a strong background in mechanical engineering and several years of sales management experience, Roth brings a diverse skill set and a fresh perspective to this pivotal role.
BIRMINGHAM, Ala. (Aug. 1, 2023) — Butane-Propane News has announced the 10 finalists of its 2023 class of the BPN Industry Innovators.
BPN Industry Innovators was designed to recognize the propane movers and shakers who are working every day to grow and improve the industry. The 10 finalists selected for this year's class are:
The National Propane Gas Association (NPGA) has announced the creation of the Renewable Fuels Committee (RFC). The RFC was established by NPGA’s executive committee and exists to foster discussions of renewable fuels at a national level.
According to NPGA’s website, the RFC “aims to oversee NPGA activity related to renewable fuels that will drive market growth and take steps toward lowering the carbon intensity of fuels delivered by propane marketers.” This includes prioritizing incentives, along with other advocacy activities.
The Baker Hughes United States rig count is down six from last week to 669 with oil rigs down seven to 530, gas rigs down two to 131 and miscellaneous rigs up three to eight. The U.S. rig count is down 89 rigs from last year's count of 758 with oil rigs down 69, gas rigs down 24 and miscellaneous up four. The U.S. offshore rig count is unchanged at 18, up two year-over-year.