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BP : FERC Issues Letter Involving Gulf Crossing Pipeline of Houston

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04/26/2017 | 03:36pm CEST

WASHINGTON, April 25 -- The U.S. Department of Energy's Federal Energy Regulatory Commission issued the following letter involving Gulf Crossing Pipeline, Houston:

Attention: E. Adina Owen

Senior Counsel

Gulf Crossing Pipeline Company LLC

9 Greenway Plaza, Suite 2800

Houston, TX 77046

Reference: Amended Negotiated Rate Agreement

Dear Ms. Owen:

On March 31, 2017, Gulf Crossing Pipeline Company LLC (Gulf Crossing) filed tariff records (1) to amend a negotiated rate agreement with BP Energy Company and remove an expired negotiated rate agreement from its Tariff. Gulf Crossing requests that the tariff records be approved to be effective April 1, 2017. Waiver of the Commission's 30-day notice requirement is granted and the referenced tariff records are accepted to be effective April 1, 2017, as requested.

Public notice of the filing was issued on April 3, 2017. Interventions and protests were due as provided in section 154.210 of the Commission's regulations (18 C.F.R. Section 154.210 (2016)). Pursuant to Rule 214 (18 C.F.R. Section 385.214 (2016)), all timely filed motions to intervene and any unopposed motion to intervene out-of-time filed before the issuance date of this order are granted. Granting late intervention at this stage of the proceeding will not disrupt the proceeding or place additional burdens on existing parties. No protests or adverse comments were filed.

This acceptance for filing shall not be construed as a waiver of the requirements of section 7 of the Natural Gas Act, as amended; nor shall it be construed as constituting approval of the referenced filing or of any rate, charge, classification, or any rule, regulation, or practice affecting such rate or service contained in your tariff; nor shall such acceptance be deemed as recognition of any claimed contractual right or obligation associated therewith; and such acceptance is without prejudice to any findings or orders which have been or may hereafter be made by the Commission in any proceeding now pending or hereafter instituted by or against your company.

This order constitutes final agency action. Requests for rehearing by the Commission may be filed within 30 days of the date this order issues, pursuant to 18 C.F.R. Section 385.713 (2016).


Monique Watson, Acting Director

Division of Pipeline Regulation


1. Gulf Crossing Pipeline Company LLC, FERC NGA Gas Tariff, First Revised Volume No. 1, Section 2.10.2, Negotiated Rate Agmts - BP Energy 37 - Exhibit B, 19.0.0, and Section 3.3, Capacity Release Agmts - Reserved, 17.0.0.

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Financials ($)
Sales 2017 241 077 M
EBIT 2017 12 052 M
Net income 2017 7 392 M
Debt 2017 37 908 M
Yield 2017 6,86%
P/E ratio 2017 16,47
P/E ratio 2018 13,63
EV / Sales 2017 0,63x
EV / Sales 2018 0,58x
Capitalization 113 112 M
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Number of Analysts 27
Average target price 6,37 $
Spread / Average Target 10%
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Robert W. Dudley Group Chief Executive Officer & Executive Director
Carl-Henric Svanberg Chairman
Brian Gilvary Group Chief Financial Officer & Executive Director
Cynthia Blum Carroll Independent Non-Executive Director
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