Ares Management, L.P. (NYSE:ARES) announced today that a fund managed by
its Ares EIF Group has completed its acquisition of the Van Hook
Gathering System in North Dakota from WPX Energy (NYSE: WPX) in a
transaction valued at $185 million. The transaction was originally
announced on August 31, 2015.
The acquisition consists of pipeline systems that currently gather
approximately 11,000 barrels of oil, 6,500 million cubic feet of natural
gas, and 5,000 barrels of water per day from WPX Energy’s Bakken shale
oil assets. WPX Energy will continue to operate the Van Hook Gathering
System, and MCP Operating, LLC, a subsidiary of MCP Asset Development
Group, will provide asset management services for the investment.
“With long-term contracts and excellent partners in WPX Energy and MCP
Operating, the Van Hook Gathering System is the type of midstream
investment Ares EIF targets,” said Jose Torres-Monllor, Partner of the
Ares EIF Group. “We are excited to add this project to our portfolio of
high-quality energy infrastructure assets.”
About Ares
Ares is a publicly traded, leading global alternative asset manager with
approximately $92 billion of assets under management as of September 30,
2015 and more than 15 offices in the United States, Europe and Asia.
Since its inception in 1997, Ares has adhered to a disciplined
investment philosophy that focuses on delivering strong risk-adjusted
investment returns throughout market cycles. Ares believes each of its
four distinct but complementary investment groups in Tradable Credit,
Direct Lending, Private Equity and Real Estate is a market leader based
on assets under management and investment performance. Ares was built
upon the fundamental principle that each group benefits from being part
of the greater whole. For more information, please visit www.aresmgmt.com.
The Ares EIF Group, formerly known as Energy Investors Funds (EIF), was
acquired by Ares in January 2015. Founded in 1987, Ares EIF has a
28-year track record and is one of the first managers focused on the
independent power and electric utility industry. Ares EIF’s investment
strategy is to create geographically and technologically diversified
portfolios of energy infrastructure investments via acquisitions as well
as development and construction across the power generation,
transmission and midstream sectors.
Forward-Looking Statements
Statements included herein may constitute “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act of
1995, which relate to future events or our future performance or
financial condition. These statements are not guarantees of future
performance, condition or results and involve a number of risks and
uncertainties. Actual results may differ materially from those in the
forward-looking statements as a result of a number of factors, including
those described from time to time in our filings with the Securities and
Exchange Commission. Ares Management, L.P. undertakes no duty to update
any forward-looking statements made herein or on the webcast/conference
call.
Nothing in this press release constitutes an offer to sell or
solicitation of an offer to buy any securities of Ares or an investment
fund managed by Ares or its affiliates.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151120005555/en/
Copyright Business Wire 2015
Source: Business Wire
(November 20, 2015 - 9:43 AM EST)
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