Chesapeake Pays Down Bridge Loan, TransCanada Restarts Keystone: Energy Business Review
Chesapeake Energy Corporation (NYSE:CHK) is said to have paid off more than half of a $4 billion bridge loan with proceeds of the $2.8 billion in cash that it received from the sale of a portion of its oil and gas assets in the Permian Basin. The loan, which was granted in May, was a lifesaver for the company as it was experiencing a $10 billion funding shortfall. Thus far in 2012, Chesapeake has divested roughly $12 billion of its assets.
TransCanada Corporation (NYSE:TRP) reports that it has restarted the Keystone oil pipeline, but will run it at reduced pressure for 24 hours as testing goes on. The firm is uncertain as to how the outage will affect shipments but it will speak directly with customers over the matter.
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Suncor Energy (NYSE:SU) announces that its Firebag oil sands facility has reached the full design capacity of almost 120,000 barrels per day, and also that the first oil from stage four of the project is anticipated by the end of 2012; that date would be around three months ahead of the original schedule, and the project is approximately 10 percent under the current budget estimate of C$2 billion.
Theft of oil in Nigeria has hit 180,000 barrels stolen each day, with most going overseas, as Royal Dutch Shell (NYSE:RDSA)(NYSE:RDSB) declares force majeure on two grades of Nigerian crude. Damage to pipeline infrastructure has made Shell shut in Bonny Light and Forcados, which comprise about 20 percent of scheduled October exports from the biggest producer in Africa.