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360 Articles

"El Merk, Algeria, March 2013: The CPF


Photo by Mike Goldwater"

Anadarko Divests Midstream Assets for $4 Billion

Western Gas announces drop-down, simplification Western Gas Partners (ticker: WES) announced several moves today, expanding its holdings and simplifying its corporate structure. Western Gas Partners will acquire $4 billion in midstream assets from its parent Anadarko (ticker: APC), all the company’s remaining midstream assets. These assets include oil and water gathering pipelines in the Delaware, including associated treatment and disposal[Read More…]

Enable Midstream Doubles Down on Crude with $440 Million Deal

Enable Midstream Doubles Down on Crude with $440 Million Deal

Velocity acquisition adds crude capacity in SCOOP/Merge Enable Midstream Partners (ticker: ENBL) significantly increased its crude business today with two moves to boost capacity. Enable will boost its presence in the SCOOP and Merge through the acquisition of privately-held Velocity Holdings, an integrated crude and condensate gathering and transportation company. Velocity owns about 150 miles of pipeline capable of flowing[Read More…]

Midstream Consolidation Continues With $6.1 Billion Deal

Midstream Consolidation Continues With $6.1 Billion Deal

Antero Midstream GP, Antero Midstream combining The wave of midstream consolidation continues as Antero is simplifying its corporate structure, the company announced today. Antero Midstream GP (ticker: AMGP) will acquire Antero Midstream Partners (ticker: AM) in a cash and stock transaction. The combined company will be named Antero Midstream Corporation and will be a taxable entity, trading with the ticker[Read More…]

Energy Transfer on Trend: Consolidates MLP

Energy Transfer on Trend: Consolidates MLP

Energy Transfer Equity, L.P. (NYSE: ETE) and Energy Transfer Partners, L.P. (NYSE: ETP) announced that an agreement upon the merger of ETP with ETE in a unit-for-unit exchange. In connection with the transaction, ETE’s incentive distribution rights (IDRs) in ETP will be cancelled. Transaction Structure; Source: Energy Transfer ETP unitholders (other than ETE and its subsidiaries) will receive 1.28 common[Read More…]

Kinder Morgan, Blackstone, Apache Plan to Launch the Permian Highway

Kinder Morgan, Blackstone, Apache Plan to Launch the Permian Highway

New Permian Basin gas pipeline will carry 2 Bcf/d from Waha to Gulf; sponsors already considering upsizing to 48-inch due to early demand Permian gas producers may have relief on the horizon, as Kinder Morgan (ticker: KMI), Blackstone-backed EagleClaw Midstream, and Apache (ticker: APA) announced plans to develop a new pipeline from the basin yesterday. The Permian Highway Pipeline Project[Read More…]

Devon Sells EnLink Midstream For $3.1 Billion

Devon Sells EnLink Midstream For $3.1 Billion

Proceeds will go to share buybacks Devon Energy (ticker: DVN) continued its divestiture program today with the largest deal so far, valued at $3.125 billion. Devon will sell its interest in EnLink Midstream (ticker: ENLC) to privately held Global Infrastructure Partners (GIP). The sale significantly simplifies Devon’s holdings. EnLink is a major midstream company which handles much of Devon’s production.[Read More…]

MLPs Fall from Grace as Companies Announce $20 Billion in Consolidation

MLPs Fall from Grace as Companies Announce $20 Billion in Consolidation

Enbridge, Williams and Cheniere all simplifying structure The wave of consolidation in pipeline companies continues, with three companies announcing transactions worth a combined $20 billion. Like many other pipeline firms, Enbridge (ticker: ENB) has a complex corporate structure, with several large subsidiary companies. The company holds at least partial ownership of Spectra Energy Partners (ticker: SEP), Enbridge Energy Partners (ticker:[Read More…]

"El Merk, Algeria, March 2013: The CPF


Photo by Mike Goldwater"

TransCanada’s TC Pipelines Says FERC Rules Could Reduce Yearly Cash Flow by $100 Million

TransCanada says it does not view the partnership as a “viable financing alternative” FERC’s recent ruling on the rates charged by MLPs continues to ripple through the pipeline industry, causing turmoil in some corner offices. One large pipeline company, TC Pipelines LP (ticker: TCP) outlined its effects on the business today. TC PipeLines, LP is a United States limited partnership that[Read More…]

May 2, 2018 - 5:45 pm 360 Articles, Closing Bell Story, Midstream, MLP News, MLPs
Refiners Join Forces: Marathon to Acquire Andeavor for $23 Billion

Refiners Join Forces: Marathon to Acquire Andeavor for $23 Billion

Deal will create the largest U.S. refiner Marathon Petroleum Corp. (ticker: MPC) and Andeavor (ticker: ANDV) have entered into a definitive merger agreement under which MPC will acquire all of ANDV’s outstanding shares, representing a total equity value of $23.3 billion and total enterprise value of $35.6 billion, based on MPC’s April 27, 2018, closing price of $81.43. ANDV shareholders[Read More…]

Diamondback Energy Running 11 Rigs, 5 Frac Crews in the Permian: Production Up 10% over Q4

Diamondback Energy Running 11 Rigs, 5 Frac Crews in the Permian: Production Up 10% over Q4

Diamondback Energy, Inc. (ticker: FANG) produced 102.6 MBOEPD in Q1 2018. This is 10% more than Q4 2017 production volumes of 92.9 MBOEPD. Diamondback is currently running 11 drilling rigs and five dedicated completion crews. Q1 2018 average realized prices were $61.66 per barrel of oil, $2.20 per Mcf of natural gas and $24.64 per barrel of natural gas liquids,[Read More…]

April 11, 2018 - 3:32 pm 360 Articles, Closing Bell Story, E&P, Finance, Law, MLPs
Viper Energy Ends MLP Structure

Viper Energy Ends MLP Structure

Transition should be simple, with no effect on cash flow Viper Energy Partners (ticker: VNOM) announced today it is changing structure, from a pass-through partnership to a taxable corporation. A subsidiary of Diamondback Energy (ticker: FANG), Viper expects this change will be a simple process, via a “check the box” election that will not be taxable to the company or[Read More…]

Tallgrass Energy Eliminates MLP Structure

Tallgrass Energy Eliminates MLP Structure

Move will simplify corporate architecture Tallgrass Energy GP (ticker: TEGP) is simplifying its structure, acquiring its subsidiary Tallgrass Energy Partners (ticker: TEP). TEP unitholders will receive two shares of TEGP for each TEP common unit, which is almost exactly even with yesterday’s closing prices. Upon completion of the transaction, TEGP will change its name to Tallgrass Energy, LP, and will[Read More…]

March 27, 2018 - 5:38 pm 360 Articles, Closing Bell Story, MLP News, MLPs
Hi-Crush to Join Alerian’s AMZ and AMZE

Hi-Crush to Join Alerian’s AMZ and AMZE

Hi-Crush Partners LP (ticker: HCLP) will be added to both the Alerian MLP Index (AMZ) and the Alerian MLP Equal Weight Index (AMZE) following the close of business on March 16, 2018. “The addition of Hi-Crush to the AMZ and AMZE indices is recognition of the prudent investments we have made over the past few years, resulting in a stronger[Read More…]

March 13, 2018 - 4:27 pm 360 Articles, Closing Bell Story, MLPs, People
American Midstream Announces $863 Million in Acquisitions

American Midstream Announces $863 Million in Acquisitions

Merger with Southcross creates significant Corpus Christi supplier American Midstream Partners (ticker: AMID) has announced has announced several deals in the past week, for a combined $863 million. On Wednesday, American Midstream announced the acquisition of Southcross Energy Partners (ticker: SXE) and certain assets of Southcross Holdings. According to American Midstream, the transaction will create a fully integrated midstream platform[Read More…]

November 6, 2017 - 5:40 pm 360 Articles, Closing Bell Story, MLP News, MLPs, Natural Gas News
BP Launches Its Midstream IPO

BP Launches Its Midstream IPO

$800 to $900 million will be raised BP Midstream Partners (ticker: BPMP) has launched its IPO today, marking another step in the process of spinning off the company’s pipeline assets. BP will offer 42,500,000 common units at an anticipated price of between $19 and $21 per unit. This equates to a total of between $800 and $900 million, making it[Read More…]

October 17, 2017 - 5:26 pm 360 Articles, Closing Bell Story, MLP News, MLPs
Canada Missed Out on Three ‘Nation-Building’ Energy Projects in 2017

Canada Missed Out on Three ‘Nation-Building’ Energy Projects in 2017

Three major energy infrastructure projects have been cancelled in Canada in recent months. These were pipelines and related export facilities that would have taken Canada’s oil and natural gas into new markets and allowed Canadian producers additional revenue opportunities and a chance to grow their own production. The projects would have cemented Canada’s long-term energy viability, by transporting energy both[Read More…]

October 13, 2017 - 1:39 pm 360 Articles, Canada, Closing Bell Story, LNG, Midstream, MLP News, MLPs
Source: BP

BP Moves to IPO Some U.S. Midstream Assets

Eight pipelines included in BP Midstream Partners BP (ticker: BP) announced today the filing of a registration statement with the SEC for an IPO of some of its U.S. midstream assets. BP announced in July it was considering the formation of an MLP to support the company’s strategy to grow its midstream business. The proposed company will be called BP[Read More…]

Magellan Midstream’s New Permian Pipeline

Magellan Midstream’s New Permian Pipeline

Magellan Midstream Partners, L.P. (ticker: MMP) announced this week that it will build a 60-mile, 24-inch pipeline that connects Wink and Crane, TX. The pipeline’s price tag will be approximately $150,000,000.  The pipeline should be operational midway through 2019, the company said in a press release. The new pipeline will serve direct service from the Delaware basin to the Crane[Read More…]

September 8, 2017 - 5:25 pm 360 Articles, Closing Bell Story, Midstream, MLP News, MLPs
Rig Count Up One

Rig Count Up One

One additional inland waters rig is sole addition U.S. drilling activity increased slightly this week, according to the latest edition of Baker Hughes’ Weekly Rig Count. There are now a total of 944 active rigs in the country, up one from 943 last week. Inland waters provided the single addition, meaning there are now five such rigs active in the[Read More…]

John Fox, Co-Founder of MarkWest Hydrocarbon, Issues Open Letter To MPC Board

Marathon Drops Down Assets to MPLX for $1.05 Billion Cash and Equity

On September 1, 2017, Marathon Petroleum Corp. (ticker: MPC) contributed its joint-interest ownership of pipelines and storage facilities to MPLX, LP (ticker: MPLX), Marathon’s infrastructure arm. The assets are valued at $1.05 billion, Marathon said in a press release. The assets that were dropped down to MPLX include MPC’s ownership interests in: Explorer Pipeline Co., representing a 24.51 % interest[Read More…]

September 1, 2017 - 6:51 pm 360 Articles, Closing Bell Story, Crude Oil News, Midstream, MLP News, MLPs
Shipping Energy: What’s Safe, What’s Not?

Shipping Energy: What’s Safe, What’s Not?

Shipping choke points could be security threat The EIA estimates that approximately 61% of the total world petroleum supply—or 58.9 million BOPD—travelled in maritime tankers. The oil in these tankers represents nearly 28% of the world’s shipping in weight alone. The EIA defines oil chokepoints as narrow channels along widely used global sea routes. Some of these points are so[Read More…]

Tailwater Capital Commits $150 Million to Valiant Midstream

Tailwater Capital Commits $150 Million to Valiant Midstream

Valiant Midstream is Tailwater’s first commitment in its new midstream fund – Energy Fund III Oklahoma’s Valiant Midstream has secured a $150 million commitment from Dallas-based Tailwater Capital, an energy-focused private equity firm. Valiant Midstream provides solutions to midstream customers in the Mid-Continent and across North America, including gas gathering, processing, treating and compression, crude oil gathering, storage and transportation,[Read More…]

American Midstream Partners Selling Propane Business, Redeploying Capital

American Midstream Partners Selling Propane Business, Redeploying Capital

In a $170 million cash transaction, American Midstream Partners (ticker: AMID)—which provides natural gas and oil gathering, processing, and transmission—has agreed to sell its propane business to SHV Energy. The sale includes American Midstream’s service locations, cylinder exchange program, and Alliant Gas utility system. Re-deploying capital American Midstream is undertaking the transaction with the intent of simplifying its business and[Read More…]

July 24, 2017 - 5:59 pm 360 Articles, Closing Bell Story, Midstream, MLP News, MLPs
Don’t Miss Earnings Calls During Q2 Reporting Season

Don’t Miss Earnings Calls During Q2 Reporting Season

Oil & Gas 360® has brought its Industry Events Calendar tab back to life—along with the daily notification email of tomorrow’s earnings calls With the tidal wave of oil and gas earnings hitting the industry in the coming days and weeks, it’s helpful to have a single source where you can see which companies are reporting each day—at a calendar’s[Read More…]

Summit Midstream Jumps Into Permian With XTO

Summit Midstream Jumps Into Permian With XTO

System will process 60 MMcf/d, expandable to 600 MMcf/d Summit Midstream Partners (ticker: SMLP) announced an agreement with XTO Energy on Friday to create a new natural gas system in the Permian. The system will service Eddy and Lea counties in New Mexico, the northern portion of the Delaware basin. Summit will first construct a gathering and processing system with[Read More…]

July 10, 2017 - 5:00 pm 360 Articles, Closing Bell Story, MLP News, MLPs
Oil & Gas 360 Energy News

More Marcellus Takeaway Inches Closer: FERC Releases Mountain Valley Pipeline EIS

Mountain Valley will transport gas from Marcellus to Virginia The Federal Energy Regulatory Commission released its final environmental impact statement for the Mountain Valley pipeline project today. The Mountain Valley pipeline project is a 300 mile natural gas pipeline that will transport gas from the heart of the Marcellus in Northern West Virginia to Southern Virginia. MVP estimates the pipeline[Read More…]

Source: Energybc.ca

Canada Production to Grow by 1.3 MMBOPD by 2030, But Where’s the Pipe?

Oil sands to drive growth The recent political fracas over pipelines like the Keystone XL and the Dakota Access Pipeline generated a significant amount of attention on pipelines from Canada. With the current administration’s approval or expected approval of both lines, one might assume that Canadian oil producers will have sufficient pipeline capacity for the future. However, according to a[Read More…]

Summit Midstream Extends $1.25 Billion Credit Facility to 2022

Summit Midstream Extends $1.25 Billion Credit Facility to 2022

Summit Midstream Partners, LP (ticker:  SMLP) said its subsidiary Summit Midstream Holdings, LLC has executed an amendment and extension of its $1.25 billion revolving credit facility. The maturity date of the revolving credit facility was extended by approximately 3.5 years, from November 2018 to May 2022.  The facility includes a $250.0 million accordion, and has the same pricing and a[Read More…]

Noble Sells Marcellus Midstream Interest for $765 Million

Noble Sells Marcellus Midstream Interest for $765 Million

Noble’s Marcellus divestments add up to $2 billion; buyer is Quantum Energy Partners Noble Energy (ticker: NBL) will sell its 50% interest in Cone Gathering and 33.5% ownership in Cone Midstream Partners (ticker: CNNX) to Quantum Energy Partners for a total of $765 million in cash. The transaction is expected to close in Q3 2017. Quantum Energy has also been[Read More…]

Aspen Midstream Receives $200 Million Commitment from EnCap

Aspen Midstream Receives $200 Million Commitment from EnCap

Company is funded, project locations unnamed Aspen Midstream LLC announced today that the company has secured a commitment of $200 million from private equity group EnCap Flatrock Midstream. Aspen Midstream was launched this May and is headquartered in Dallas, Texas. Responding to questions from Oil & Gas 360®, Aspen CEO James Clarke commented through a spokesperson, “Aspen Midstream will be[Read More…]

May 17, 2017 - 5:12 pm 360 Articles, Closing Bell Story, MLP News, MLPs