Energy Business Recap: Chevron Refinery’s History Comes Into PLAY, Cheniere Finishes MILESTONE

Here are Thursday’s top stories:

The Chevron Corporation (NYSE:CVX) refinery at Richmond, California, which was the scene of a conflagration this week has a history of such mishaps, according to records that indicate increasingly violated air quality regulations during the past five years. The facility has been cited by area regulators for violations some 93 times in that period.

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Kinder Morgan Energy Partners L.P. (NYSE:KMP) sold a $1.25 billion debt offering on Wednesday, after its $6.2 billion drop-down purchase of Tennessee Gas Pipeline and 50 percent of El Paso Natural Gas from general partner Kinder Morgan, Inc. (NYSE:KMI). Janney says that the former is acquiring the assets at approximately 8 times its 2012 earnings before interest, taxes, depreciation and amortization, which will increase leverage to between 5.2 times and 5.6 times debt to EBITDA, near the high end of KMP’s historical levels.

Cheniere Energy Partners, LP (AMEX:CQP) announces it has finished all milestones and has issued a full notice to Bechtel to construct the first two liquefaction trains of the Sabine Pass liquid natural gas project. The total project costs of approximately $5.6 billion will be funded via $2 billion worth of equity and $3.6 billion in debt.

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