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Family Run Oil Firms Squeezed by Natural Gas

Date:
November 7, 2013
Source:
AP / Powered by NewsLook.com
Summary:
Small, family-owned heating oil companies in the Northeast are facing stiff competition from cheap natural gas, with thousands of homeowners making the switch.


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last updated on 2014-11-27 at 6:16 pm EST

Possible Natural Gas Squeeze in Europe Won't Hurt U.S. Prices

Possible Natural Gas Squeeze in Europe Won't Hurt U.S. Prices

TheStreet (May 14, 2014) — While threats by Russia's Gazprom -- a majority state-controlled natural gas extractor -- to cut gas deliveries to Ukraine rise, American investors should know such action won't hurt prices in the United States. GFI Group senior energy derivative trader Elliot Warren tells TheStreet's Joe Deaux that traders aren't worried about U.S. prices because we can't export natural gas abroad and we can't make up for a European supply problem. Warren, speaking about the recent trade in natural gas, says prices have dipped back down to $4 after spiking during the winter. Warren says natural gas inventories will build during the summer, which will suppress price increases. Video provided by TheStreet
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Gas Natural Sale Sidelined Until CEO Lawsuit Resolved

Gas Natural Sale Sidelined Until CEO Lawsuit Resolved

TheStreet (July 11, 2014) — Gas Natural, the Ohio-based company mired in scandal, was recently talking to prospective buyers about a sale, but talks came to a screeching halt when former CEO Richard Osborne filed a lawsuit against the company. The scandal started back in November when Ohio regulators ordered an investigation into Gas Natural. In May, the company announced that Osborne would be retiring and his son would take the reins. Late last month, Osborne Senior struck back, filing a lawsuit against the company. The suit has forced Gas Natural to put the sale on the back burner, but sources say that as soon as the matter is settled, the company will once again be on the prowl for a buyer. Even with the controversy surrounding the company, there will be no shortage of buyers as there is an intense level of interest in the gas local distribution space. Similar companies that have recently traded hands have fetched rich ebitda multiples of 10.5 times. With about $20 million in ebitda last year, Gas Natural could easily fetch north of $200 million in a sale. Video provided by TheStreet
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Domestic Energy Production Calls for PE Backing

Domestic Energy Production Calls for PE Backing

TheStreet (June 6, 2014) — In 2014, deals in the oil and gas space hit highs not seen in a decade, according to a PwC study. That comes at the same time as a number of private equity firms take a black eye on a bad deal in Energy Futures Holdings. Last year, PE activity in the sector was muted, coming as strategics have ramped up production efforts, as well as the need for capital. While some like Marathon Oil, which unloaded $2.7 billion worth of foreign assets to shore up domestic production, turn to M&A, others will have private equity firms to look toward. Last year, despite the slowdown in deals, PE firms raised several large funds for energy M&A. Video provided by TheStreet
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Algonquin Power Goes Activist on Its Target Gas Natural

Algonquin Power Goes Activist on Its Target Gas Natural

TheStreet (July 23, 2014) — When The Deal's Amanda Levin exclusively reported that Gas Natural had been talking to potential suitors, the Ohio company responded with a flat denial, claiming its board had not talked to anyone about a possible sale. Lo and behold, Canadian utility Algonquin Power and Utilities not only had approached the company, but it did it three times. Its last offer was for $13 per share as Gas Natural's was trading at a 60-day moving average of about $12.50 per share. Now Algonquin, which has a 4.9% stake in Gas Natural, has taken its case to shareholders, calling on them to back its proposals or, possibly, a change in the target's board. Video provided by TheStreet
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