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Nov. 14, 2012
Nucor Enters Natural Gas Pact
Nucor Corp., Charlotte, N.C., has entered a long-term agreement with Encana Oil for an onshore natural gas drilling program in the United States. Company officials say the agreement will ensure a reliable, low-cost supply of natural gas for more than 20 years.
Under the terms of the agreement, Nucor will pay its share of costs plus an additional amount of carried interest in each well drilled. Either party may suspend drilling if natural gas prices fall below a predetermined threshold.
Encana will be the operator and will provide expertise to drill, complete and operate the wells. This new agreement is in addition to an earlier and smaller onshore natural gas drilling agreement with Encana established in 2010. By entering into this new agreement, Nucor will be better able to manage its exposure to natural gas volatility and overall energy demand for its manufacturing operations, company officials claim.
"We are always searching for ways to improve our competitive position and drive sustained value creation over cycles. The increased exposure to natural gas prices that will accompany our current and potential DRI production, combined with the tremendous advances that have been made in the natural gas industry, have created a unique opportunity to create what we believe will be a lasting competitive advantage for Nucor,” says Dan DiMicco, chairman and CEO.
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