-Valero Energy Corp. today said it cut production rates at its McKee and Ardmore refineries due to a glut of light sweet crude. Via Reuters, Valero is installing crude-topper units at its Houston and Corpus Christi refineries in order to increase light sweet processing capacity.
-El Paso Pipeline Partners agreed to acquire $2 billion in natural gas assets from Kinder Morgan. The assets to be acquired include 50% interests in the Wyoming-to-Oregon Ruby Pipeline and the Gulf LNG terminal in Pascagoula, Miss., and a 47.5% interest in Young Gas Storage in Morgan County, Colo.
-Encana Corp. agreed to sell some of its properties in East Texas to an undisclosed buyer for $530 million. The properties, located in Leon and Robertson counties, represent about 90,000 net acres and average production of 100 million cubic feet per day of natural gas and 1,200 barrels per day of total liquids.
-Houston-based offshore drilling firm Rowan Companies promoted President Thomas P. Burke to CEO. He replaces W. Matt Ralls, who will serve as executive board chairman. Burke is a five-year veteran of Rowan who previously worked for Complete Production Services and Schlumberger.
