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BR employment No. 2 in U.S.
Baton Rouge’s job market continues to outperform nearly every metropolitan area in the U.S., with the Louisiana capital’s job gain from May 2008 to May 2009 ranking No. 2 in the nation, a federal labor agency reported today. For the year ending in May, Baton Rouge gained 1,300 jobs — second only to Austin, Texas, which gained 4,200 jobs. Only 15 of 310 metro areas studied by the federal Bureau of Labor Statistics recorded job gains for the year. The biggest job decreases came in Los Angeles (down 255,000 jobs) and New York (down 233,000 jobs). Baton Rouge’s unemployment rate in May — 6 percent — ranked 20th best in the U.S. The Baton Rouge region’s showing was “perhaps most impressive because these jobs have been produced primarily in higher-wage, goods-producing sectors,” said Adam Knapp, president of the Baton Rouge Area Chamber, in a news release. “Coupled with recent manufacturing investments such as SNF Holding in Iberville and PanAmerican Capital’s wood products investment in West Feliciana, the region continues to see new economic growth.”
UK firm puts $1.3 billion bet on Haynesville Shale
London-based BG Group plc has agreed to pay $1.3 billion for half of Exco Resources Inc.’s Haynesville Shale properties in northwest Louisiana and east Texas. The deal also gives BG Group half of Dallas-based Exco’s pipeline business in the area. Under the agreement, BG will put up $400 million to help develop the joint venture leases on 120,000 acres in Louisiana and Texas. Exco also will sell BG Group a 50 percent interest in its Haynesville Shale-area pipeline business for $249 million. The midstream business includes more than 700 miles of pipeline, and the company is building a 29-mile line to transport its Haynesville gas production. BG Group estimates the deal will add 2.6 trillion cubic feet of natural gas reserves to its portfolio, but Exco claims the acreage holds the potential to produce 4 trillion to 6 trillion cubic feet over time. The shale field gas generally lies about two miles underground and requires horizontal drilling after an initial vertical boring.
Steel outlook finally improving
Deflated U.S. steel consumption, one of the key reasons why Charlotte, N.C.-based Nucor Corp. has delayed a decision about building a pig iron mill in St. James Parish, may finally be turning around, according to a trade group. The American Iron and Steel Institute reported U.S. raw steel production of 1.16 million net tons for the week ending Friday represented a 2.5 percent gain over the prior week. Domestic steel has far to go to recapture the heady days of mid-2008. In late June 2008, weekly production reached 2.15 tons — or 90.3 percent of U.S. mill capacity. That utilization rate was 48.7 percent for the week ended Friday.
State fisheries research opens in Grand Isle area
Louisiana Department of Wildlife and Fisheries leaders and legislators opened the state’s $23 million Fisheries Research Lab on Elmer’s Island in the Grand Isle area today. Also, public road access to Elmer’s Island, where the state developed research facilities on seven acres, will open on Friday. From La. 1, the public will have access to 250 acres via the new road and will enjoy sunrise to sunset use of the property fronting Caminada Bay. “This project is one of my proudest accomplishments in my tenure at Wildlife and Fisheries,” LDWF Secretary Robert Barham said in a statement. “This is one of the finest research facilities in the United States and will help Louisiana maintain its dominance and prestige as one of the greatest seafood producers in the world.” The 35,000-square-foot fisheries research lab, with finished floors 18 feet above sea level, is designed to withstand hurricane force winds up to, and possibly beyond, 150 mph. Sampling and research work at the lab will help drive decision-making about the use of fisheries resources statewide.
Madisonville dredger files for bankruptcy protection
Madisonville-based Phoenix Associates Land Syndicate has asked the U.S. Bankruptcy Court in New Orleans for protection from its creditors in a Chapter 11 reorganization filing. The First National Bank of Picayune seized the company's dredge and shaker plant in 2004, preventing Phoenix from producing sand and gravel, according to Phoenix. Phoenix has $16 million to $18 million in debts and assets, with the assets consisting primarily of Phoenix’s damage claim against the bank for the seized property.
Denbury makes executive officer changes
Denbury Resources Inc., the Dallas-area oil and gas firm that’s building a $750 million pipeline from Donaldsonville to Houston, announced several executive officer changes Tuesday, including the move of its chief executive into a scaled-back oversight role. Gareth Roberts, who founded Denbury nearly 20 years ago, becomes co-chairman and chief strategist while relinquishing his roles as president and chief executive in a series of planned changes. In other moves, Phil Rykhoek moves to chief executive officer from chief financial officer; Tracy Evans moves to president and chief operating officer from senior vice president of reservoir engineering; and Mark Allen moves to chief financial officer from chief accounting officer. The other co-chairman of Denbury’s board of directors is Wieland Wettstein, who’s president of Finex Financial Corp. Ltd. in Calgary, Alberta. The carbon dioxide pipeline Denbury is building through south Louisiana will enhance oil production in previously idled oilfields, where Denbury and others are active in Mississippi, Louisiana, Texas and other locations.
NATIONAL/INTERNATIONAL NEWS
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