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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

Bruce tired of playing peacemaker

first_imgAn exasperated Steve Bruce has made one final plea for unity as the row over Hull’s proposed name change rumbles on. Press Association The manager has watched on this season as his side’s impressive return to the Barclays Premier League has been overshadowed by an unedifying dispute between fans and owner Assem Allam. The Egyptian businessman, a Hull resident for over 40 years and the man who rescued the club from the brink of administration when he took over in 2010, has incited the ire of supporters by pushing ahead with plans to change the playing name to Hull Tigers. The City faithful have certainly made their feelings apparent during recent home matches. Chants of ‘City Till We Die’ have become more audible and pointed than ever before, while banners and flags bearing similar sentiments have become something of a sideshow to the football – particularly when stewards unsuccessfully attempted to confiscate one against Crystal Palace. Allam spoke out against such actions and there was a concern that it may start to distract Hull’s players, a theory that has been rubbished by midfielder David Meyler. “I’ve a big enough job to worry about when we play the likes of Liverpool or Arsenal with Steven Gerrard or Mesut Ozil,” said the Irishman. “What happens outside is outside and we have to focus on what happens between the four white lines. It’s quite hard when you’ve got Gerrard in front of you and the manager is telling you to track your runner. “You can hear the fans chanting all right but you’re switched on to what your job is. “If I tell the manager, ‘I saw some fella carrying a flag and Gerrard ran off me and scored’, I don’t think I’d be playing the next week.” Bruce has no new injury worries ahead of Stoke’s visit, with Sone Aluko and Stephen Quinn the only first-team absentees. Groups such as City Till We Die have pledged to fight such an action but, despite their protests, an application to formally adopt the moniker in place of the 109-year-old title of Hull City AFC has been lodged with the Football Association. A decision is not expected until April leaving Bruce, who has been attempting to draw the sting out of the situation for several weeks, making one final bid to draw the warring factions together in support of the team. “All I can say is that I’m repeating myself now. (The application) has been done, it’s been lodged and all I can ask of the supporters is to get behind the team,” he said ahead of Saturday’s home clash with Stoke. “We’re not going to hear the decision until April. As far as I’m concerned, let’s all get on with it and see what the FA come up with. “Anything else just gets in the road of my important job which is to beat Stoke. “I hope now for the next five months it goes away. The job is hard enough as a newly-promoted team. “The last thing we want as a team is to have distractions and to get embroiled in things us as a team can’t do anything about. “I think the fans are delighted with everything that’s going on at the club – in terms of on the pitch – and it’s important it stays that way.” last_img read more

Masry-Ahly league clash postponed due to Port Said verdict

first_imgAhly’s away league fixture at Masry has been postponed indefinitely by the Egyptian Football Association’s competitions committee after the match was initially due to take place on 20 December.The football association made the decision on Thursday upon the request of the interior ministry, as the verdict of the case of the deadly Port-Said disaster, which took place in February 2012, will be issued on the day of the match.    The interior ministry’s request is based on the fear of tensions being escalated by the ruling as the match is going to be the first meeting between both clubs since the incident that left some 74 fans dead in 2012.Instead, Ahly will be visiting Wadi Degla in a delayed match from the second week, as the Cairo giants – who were recently crowned African Confederation Cup champions – currently have five games in hand.An initial verdict of the Port-Said disaster was issued last year, which saw 21 defendants handed the death sentence, and five sentenced to life imprisonment.Egyptian league holders Ahly are currently 12th on the table.last_img read more