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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

Governor Wolf Issues Statement, Orders Commonwealth Flags to Half-Staff to Honor New Zealand Mosque Victims

first_img Flag Order,  Press Release,  Statement Harrisburg, PA – Governor Tom Wolf has issued the following statement in response to the shootings during Friday prayer at two mosques in Christchurch, New Zealand:“Frances and I are appalled by the senseless shootings at the mosques in New Zealand. Our hearts ache for the families and friends of the victims. Our hearts ache for us all. Where does this hate come from?“We have a moral obligation to stand against it and support our Muslim friends and neighbors. People of all faiths deserve the right to worship without the threat of violence. It’s unconscionable that 49 people lost their lives, with dozens more injured, in such a senseless act of hatred and violence by individuals who espouse hatred, racism and religious intolerance. There is simply no excuse for this unthinkable act.“Our founder, William Penn, was an outspoken supporter of religious freedom and Pennsylvania will always be a place of welcome and respect for all people. An attack on one community of faith is an attack on every community of faith. We must stand united against hatred and the dangerous rhetoric that normalizes it.”In honor of the victims, the Main Capitol Building will be lighted blue, white, and red.Gov. Wolf also ordered the Commonwealth flags on all Commonwealth facilities, public buildings and grounds County to fly at half-staff in honor of the victims of the attacks.The Commonwealth flag shall be lowered until sunset on Sunday, March 17, 2019.All Pennsylvanians are invited to participate in this tribute. The United States flag should remain at full-staff. Governor Wolf Issues Statement, Orders Commonwealth Flags to Half-Staff to Honor New Zealand Mosque Victims March 15, 2019center_img SHARE Email Facebook Twitterlast_img read more

EDITORIAL: Not motivated to celebrate July 4th

first_imgIt’s almost July 4th, one of the biggest holidays in America.This year, it commemorates America’s 241st year of independence which was achieved in 1776. As is traditional, on the evening of July 4, colorful bombs (fireworks) will be bursting in the air, and, generally, millions of people will have a grand time across the country. But one cannot help wondering if for the majority of African-Americans and Caribbean-Americans who migrated to America, there’s absolute joy in their hearts as this anniversary approaches.Several years after the end of slavery; the official end of segregation and Jim Crow laws; and years after the Civil Rights Act, racism clings to American society like indelible ink to cloth. Shortly before the assassination of civil rights activist Malcolm X in 1965, he addressed the press on returning from a trip to Africa. He pointed out the hypocrisy in American society, citing that while some American leaders were decrying Apartheid in South Africa, they ignored prevailing acts of racism in their backyard. Forty-two years since Malcolm X’s death this hypocrisy, and related racist atrocities, continue.How many African-Americans can genuinely celebrate American independence and glory when black men and women continue to be wantonly slain by white police officers, and routinely the courts find the officers innocent?How can the majority of the black community celebrate the independence of a country that creates barriers to affordable healthcare and other basic social services taken for granted in less-developed countries? How can immigrants sing of “America the Beautiful” when their status as legal residents of the America they adopted as home is in constant jeopardy?Year after year, those within the federal government fail to pass immigration reform that assure immigrants they are welcome to live and work in America. Even more disconcerting is with all the blatant atrocities of racism in America, racism that did not escape the only black man that emerged as America’s President, there’s no identifiable leader; Democrat, Republican or Independent  actively pursuing solutions to the various issues that beset the black community.The mainstream media will give relatively brief sound bytes to the various atrocities meted out to blacks, like they did recently in the beating death of a black Muslim female teenager in Virginia by a white man. But, they soon return to hours and hours analyzing every act, every word, of the current occupant in the White House. One wonders if the issues afflicting the black race in America are too overwhelming for any leader, black or white, to adequately cope.America continues to wait for a leader in the capacity of the Reverend Martin Luther King Jr. to reappear. But then, any such potential leader could be conscious that King was assassinated trying to solve the conundrum that American racism is. The pulsating excitement and hope is remembered when Barack Obama was elected president in 2008. Looking back, it’s recognized such hope was indicative of a deep-rooted naiveite.Obama hardly had the opportunity to attend to some of the more prevailing issues affecting the black race. From he assumed the presidency, influential individuals among the white establishment vowed to make his presidency a failure. Although Obama prevailed over two terms, and accomplished much, now attempts are being made to erase those accomplishments. These are not being erased because they were ineffective and poorly planned, nor didn’t meet their objectives, but because they were implemented by the black president.For those in the African and Caribbean-American communities who don’t feel motivated to launch colorful bombs in the air on the night of July 4, and genuinely hail America’s 241st anniversary of independence, this lack of motivation can be understood. Perhaps, if in the ensuing year the establishment make real, serious attempts to address even some of the pertinent issues that affect these communities, people may be motivated to celebrate July 4 next year.last_img read more