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Blackstone Bets Big on Low Natural Gas Prices for the Long Term

first_img FacebookTwitterLinkedInEmailPrint分享Wall Street Journal:Blackstone Group LP has a deal to buy Harvest Fund Advisors LLC, an investment-management firm with more than $10 billion in assets under management that focuses on midstream energy assets.The move is part of a large Blackstone bet that it can profit on rising natural-gas production, even if gas prices remain stuck at depressed levels. The New York private-equity firm has built a roughly $7 billion bet on natural gas by investing in drilling fields, pipelines and a gas export terminal, The Wall Street Journal reported this week.Wall Street Journal:Blackstone Group BX -0.48% LP is making one of its biggest bets on the growth of natural gas production, wagering that even if gas prices remain stuck at depressed levels, it can profit.The New York private-equity firm has built a roughly $7 billion bet on natural gas by investing in drilling fields, pipelines and a gas export terminal. The latest piece came last month, when it agreed to pay $1.57 billion for a 32.4% stake in the Rover Pipeline, a 710-mile tube being built across Ohio.Natural gas investments have been popular in recent years among private-equity firms. Many investments count on prices rising to turn profits—and have been doomed by low prices.Blackstone says its wager is generally more dependent on production volumes increasing than on prices climbing. Most of the $7 billion has been put toward moving gas out of areas where drilling has increased despite low prices. The remainder has been invested in exploration and production in those regions.“We’re betting on which basins are going to be the winners,” said David Foley, who leads the firm’s energy investing. He’s put Blackstone’s money down in West Texas, Appalachia and Louisiana.Goldman Sachs Group Inc., Citigroup Inc. and others say that abundant supply, and production that can be ramped up quickly, should keep U.S. natural gas prices at an average of around $3 per million British thermal units for the next couple of years. Futures contracts for gas to be delivered in the winter, when demand and prices tend to be highest, don’t exceed $3.50 per mmBtu until late 2027, according to FactSet.Blackstone joins a crowded field of private-equity firms that have barreled into gas investments since the combination of horizontal drilling and a rock-cracking process called hydraulic fracturing unlocked new drilling fields across the country. These firms’ cash helped feed a drilling frenzy that has produced a flood of the heating and power-generation fuel.More: ($) Why Blackstone Is Betting $7 Billion on Natural Gas Blackstone Bets Big on Low Natural Gas Prices for the Long Termlast_img read more

NAMILCO/GFF Thunderbolt Flour Power Nat. U-17 League

first_imgUDFA matches continue today at Wisburg groundACTION in the Upper Demerara Football Association (UDFA) leg of the GFF/Thunderbolt Flour Power National Under-17 League is set to continue today at the Wisburg Secondary School ground with a double-header.Milerock and Botofago will face off in the feature match at 15:00hrs with the curtain-raiser bringing together High Stars and Netrockers. In the lone match that was played last Wednesday at the same venue, Eagles United and Amelia’s Ward Panthers battled to a 0-0 stalemate.The other match that was scheduled between Milerock and Botofago was not played as a result of bad weather.West Demerara FA – Damaged Den Amstel ground halts matches.Matches at the Den Amstel ground, the hub for the West Demerara Football Association (WDFA) had to be halted abruptly due to damage of the field as a result of a vehicle driven on it while it was soft.Persistent rain over the past six weeks or so have rendered many fields in the various associations unplayable but WDFA president Orin Ferrier says he is optimistic that play would resume next weekend.He said that Den Amstel is their main hub since the grounds at Wales and Goed Fortuin on the West Bank and Uitvlugt on the West Demerara are not in playable conditions.“We are trying every avenue to have more grounds available to us so that we can have matches played on a consistent basis,” Ferrier noted.ESSEQUIBO FOOTBALL ASSOCIATIONIn latest play there, Queenstown and Henrietta United both got walkovers from Good Hope and Super 11 respectively.Matches will not be played in Georgetown, East Coast and East Bank Football Associations this weekend as these associations are working on making their available facilities playable.last_img read more