Energy Business Review: Canadian Natural Partners With Williams, Gastar Hit With Chesapeake Suit
Canadian Natural Resources (NYSE:CNQ) partners in a gas processing arrangement with the Canadian division of Williams Companies (NYSE:WMB), through which the lartter will spend between C$500 million and C$600 million to help reduce carbon dioxide emissions at the former’s Horizon oil sands project. For its part, Canadian Natural will receive methane, which will be employed as fuel for the project.
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Shares of Gastar Exploration (AMEX:GST) collapsed after Chesapeake Energy Corporation (NYSE:CHK) brought a lawsuit that seeks rescission of certain transactions in 2005 concerning the former’s Hilltop Prospect in Texas and the latter’s position in Gastar common stock. Chesapeake wants not only its original initial investment of $81.6 million, but also reimbursement of other lease and well costs.
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