February Newsreel: Gas Growth Supports NE Renewables; Pace, Ridge Global Ally; Crosstex Acquires Intracoastal

Duncan is chairman of EPE Holdings, LLC, the general partner of Enterprise GP Holdings L.P. and Cunningham is president/CEO of EPE Holdings, LLC. EPE owns general and limited partner interests in two publicly traded partnerships: Enterprise Products Partners, L.P. and ETE.

MarkWest Energy Partners Sells JV Interest In Starfish Pipeline Company
Denver-based Energy Partners, L.P. has sold its 50% limited liability company interest in Starfish Pipeline Company, LLC to Enbridge Offshore (Gas Transmission) L.L.C.

“The sale of the Starfish assets is part of our ongoing strategy to continue developing our position in the onshore resource plays,” said Frank Semple, Chairman, President and CEO. “We are the largest gatherer in the Woodford Shale, the largest gatherer and processor in the Marcellus Shale, and we have a growing presence in the Granite Wash and Haynesville Shale. The proceeds will be used to further develop infrastructure to serve our producer customers in these rapidly expanding areas.”

Plains Acquires Additional Capline Pipeline Interest, Tankage At Patoka
Houston-based Plains All American Pipeline, L.P. announced that through a series of transactions it has acquired an additional interest in the Capline Pipeline system and associated tankage for $64 million. These assets were acquired either directly or indirectly from Chevron, Marathon Oil Corp. and Shell Pipeline Company LP.

The assets acquired include a 21% undivided interest in Capline and a 100% interest in 720,000 barrels of tankage at Patoka, IL. PAA is now the largest owner in Capline with an aggregate interest of 43%. The partnership acquired its initial 22% interest in Capline in 2004.

Capline is a 633-mile, 40-inch mainline crude oil pipeline originating in St. James, LA and terminating in Patoka. It is a primary route for shipping crude oil and condensate to the Midwest, accessing 3 million bpd of refining capacity in PADD II. It is connected to PAA’s St. James and Patoka terminal facilities, which upon completion of expansions, will have capacities of 7 million barrels and 4 million barrels, respectively.

Denbury Completes Sale Of Barnett Shale Properties
Denbury Resources Inc. closed the sale of its remaining 40% working interest in Barnett Shale properties to Talon Oil & Gas LLC for $210 million. Denbury is the largest oil and natural gas operator in Mississippi.

Chesapeake Announces $2.25 Billion Barnett Shale JV with Total E&P USA
Chesapeake Energy Corporation announced the execution of an agreement for a $2.25 billion joint venture with Total E&P USA, Inc., a wholly owned subsidiary of Total S.A. Total will acquire a 25% interest in Chesapeake’s upstream Barnett Shale assets and will pay $800 million in cash at closing and an additional $1.45 billion by funding 60% of Chesapeake’s share of drilling and completion expenditures until the $1.45 billion obligation has been funded, which Chesapeake expects to occur by year-end 2012.