From Bloomberg News on Tuesday::
By Nidaa Bakhsh
The transaction by Direct Energy Business, Centrica’s North American subsidiary, also includes net working capital of about $300 million, the Windsor, England-based company said today in a statement.
The company said in February its North American expansion drive would be achieved through small and large purchases. It teamed up with Qatar Petroleum to buy gas fields from Canada’s Suncor Energy Inc. in April and also signed a 20-year contract with Cheniere Energy Inc. to import the fuel from the U.S.
The deal “marks a significant step towards delivering on our strategy - substantially increasing the scale of our North American downstream business and integrating along the gas value chain,” Sam Laidlaw, Centrica’s chief executive officer, said in the statement.
Hess’s Energy Marketing business supplied 378 billion cubic feet of gas and 28 terawatt hours of electricity to more than 23,000 customers last year, according to the statement. The acquisition will make Direct Energy the largest business gas supplier on the east coast.
Centrica is scheduled to publish first-half results tomorrow.
Hess is a player in Ohio's Utica shale.
Chesapeake Energy Corp,the Oklahoma-based firm is the No. 1 driller in Ohio.
Rig Count Interactive Map by Baker Hughes, an energy services company.
Shale Sheet Fracking, a Youngstown Vindicator blog.
The Ohio Environmental Council, a statewide eco-group based in Columbus.
Earthjustice, a national eco-group.
People's Oil and Gas Collaborative-Ohio, a grass-roots group in Northeast Ohio.
Concerned Citizens of Medina County, a grass-roots group.
No Frack Ohio, a Columbus-based grass-roots group.
Fracking: Gas Drilling's Environmental Threat by ProPublica, an online journalism site.
Pipeline, blog from Pittsburgh Post-Gazette on Marcellus shale drilling.
Allegheny Front, environmental public radio for Western Pennsylvania.