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Copano continues to seek growth opportunities, calls liquidity 'ample'
By Lisa Kerner
Charlotte, N.C., May 12 - Copano Energy, LLC president and chief executive officer Bruce Northcutt said the company has "ample liquidity and access to capital to support" its growth initiatives.
Northcutt made his remarks at the 2010 Master Limited Partnership Investor Conference on Wednesday in Old Greenwich, Conn.
According to Northcutt, Copano's goal is to have a midstream company with scale and the stability of cash flow.
The company also wants to have the ability to generate above-average rates of return and provide "investment-grade" distribution even without an investment-grade credit status.
Copano's growth strategy includes taking advantage of organic opportunities as well as looking for new opportunities with respect to liquids handling.
"No producer wants to put all of his eggs in one basket," Northcutt said.
Copano had total liquidity at March 31 of approximately $301 million, including cash on hand and availability under the company's revolver.
The company has approximately $130 million in approved expansion capital projects for 2010. Major areas of focus include the Eagle Ford Shale and Houston Central processing plant in south Texas, the DeWitt-Karnes pipeline and the Saint Jo processing plant and pipelines in north Texas.
Northcutt said proceeds of $164 million from Copano's sale of approximately 7.45 million common units in March were used to reduce revolver borrowings.
Copano is a Houston-based owner and operator of natural gas gathering and intrastate transmission pipeline assets, natural gas processing and fractionation facilities and natural gas liquids pipelines.
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