Killajoules

Valero Completes Sale of Paulsboro Refinery
Valero Energy Corporation (NYSE: VLO) announced today that it has completed the sale of its Paulsboro, N.J. refinery to PBF Holding Company LLC, a wholly owned subsidiary of PBF Energy Company LLC.

Chevron Sanctions Big Foot Project in the Deepwater Gulf of Mexico
Chevron Corporation (NYSE:CVX) today announced it has sanctioned development of its $4 billion Big Foot project in the deepwater U.S. Gulf of Mexico.

Shell to sell gas fields in South Texas to OXY USA, Inc
Shell today announced an agreement to sell a group of gas fields in South Texas to OXY USA, Inc., a subsidiary of Occidental Petroleum Corp., for approximately $1.8 billion, effective January 1, 2011. The sale is a further step in Shell’s ongoing portfolio restructuring and focus on capital efficiency.

El Paso Corporation and KKR Announce Midstream Joint Venture
El Paso Midstream Group, Inc., a subsidiary of El Paso Corporation (NYSE: EP), and Kohlberg Kravis Roberts & Co. (together with its affiliates, "KKR") today announced that El Paso and KKR have executed agreements to create a new midstream joint venture. El Paso Midstream will operate the new venture, and they will each own a 50 percent interest. The joint venture is consistent with El Paso's commitment to develop midstream opportunities in a balance sheet-friendly manner. The transaction is expected to close by December 31, 2010.

Workboat Show: Strong Demand for Offshore Service Vessels Signals Growing Market
Offshore service vessels (OSV) are becoming larger, more specialized and technically sophisticated as a result of the rising demand for more complex deepwater field developments, including the Gulf of Mexico. Currently, there are some 2,500 OSV worldwide, with a steady growth projected from now through 2020. All this has led to an expanded definition of OSV which refers to "not only traditional supply boats, but also anchor handling tug/supply ships, well stimulation ships, and standby ships" and even those "built to carry hazardous and noxious substances, to fight fires, or to occasionally recover oil," explains Stephen Gumpel, Area Manager North and Central America at GL.

Sale of Marathon Minnesota Downstream Assets Transaction Closes
Marathon Oil Corporation (NYSE: MRO) today announced that its wholly owned subsidiary Marathon Petroleum Company LP (MPC) has closed the transaction with ACON Investments, LLC (ACON) and TPG Capital (TPG) for the sale of most of Marathon's Minnesota downstream assets. ACON and TPG formed Northern Tier Energy LLC (Northern Tier Energy) to operate the assets as a stand-alone company.

New Enterprise NGL Fractionator Begins Commerical Operations
Enterprise Products Partners L.P. (NYSE:EPD) today announced that the partnership's fourth natural gas liquids (NGL) fractionator at its Mont Belvieu, Texas complex has commenced operations ahead of schedule, under budget and is operating at its nameplate capacity of 75,000 barrels per day (BPD). The new NGL fractionator provides much-needed capacity to accommodate growing NGL volumes from some of the nation's most prolific producing areas like the Barnett Shale in North Texas and the Rockies. Supported by long-term, firm contracts, including the partnership's single-largest fractionation services agreement signed earlier this year, the new addition increases Enterprise's nameplate capacity at its Mont Belvieu facility to 305,000 BPD.

Marathon Enters Eagle Ford Shale Play
Marathon Oil Corporation (NYSE: MRO) announced today that it has completed an agreement with Denali Oil & Gas for entry into the Eagle Ford Shale formation in Wilson and Atascosa counties, Texas. Under the terms of the agreement, Marathon will pay Denali $10 million as well as drill and complete four wells to earn approximately 17,000 net acres. Marathon also has the option to purchase Denali's remaining 58,000 net acres in the Eagle Ford Shale in these two counties. If Marathon executes this option, the full 75,000 net acres, including the initial payment, carried well interest and lease extensions, will cost approximately $2,800 per acre or a total of approximately $209 million. Marathon has until Oct. 31, 2011, to exercise this option.

Cheniere Signs MOU with Gas Natural SDG (Gas Natural Fenosa) for Bi-Directional Processing Capacity at the Sabine Pass LNG Termi
Cheniere Energy Partners, L.P. (NYSE Amex: CQP) ("Cheniere Partners") announced today that its subsidiary, Sabine Pass Liquefaction, LLC ("Sabine"), has entered into a non-binding memorandum of understanding ("MOU") with Gas Natural Fenosa, in relation to the potential acquisition by Gas Natural Fenosa of certain bi-directional LNG processing capacity up to 1.5 million tonnes per annum ("mtpa") at the Sabine Pass LNG terminal located in Cameron Parish, Louisiana.

CH-IV International To Support U.S. LNG Export Project On Behalf Of Freeport LNG Expansion, L.P.
Jeffrey P. Beale, President of CH-IV
International (CH-IV) is pleased to announce that CH-IV International will
continue its Owner’s Engineering support for Freeport LNG Expansion, L.P.
(Freeport LNG) for their recently announced project with Macquarie. CH-IV
International had previously been contracted by Freeport LNG to execute a Pre-
FEED for the LNG Export Project, which included the evaluation and selection of
the Liquefaction Technology. As part of the overall FEED for the expansion project, CH-IV will continue its support to Freeport LNG by managing and contributing to the preparation of the required Resource Report 13 (RR13) for the NEPA Pre-filing Process with the Federal Energy Regulatory Commission (FERC). The Freeport LNG import terminal located on Quintana Island, Texas commenced commercial operations in June 2008. Since commercial operations began, the terminal has seen a limited number of import cargos due to higher global LNG prices relative to natural gas prices in the United States, and the significant increase in domestic gas supplies due to recent advancements in shale gas technology.