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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…]
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…]
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…]
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 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’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…]
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…]
President Donald Trump nominates Neil Chatterjee and Robert Powelson to FERC The White House announced Monday that President Donald Trump has nominated a number of people to key administration posts, including two nominees for the Federal Energy Regulatory Commission (FERC), which approves pipelines in the United States. After approving seven pipelines in 2017 FERC lost quorum with the resignation of[Read More…]
Heavy oil transporter Pembina to acquire Veresen: combined EV of $33 billion creates one of the largest Canadian infrastructure companies Western Canada heavyweight Pembina Pipeline (ticker: PPL) announced the acquisition of Veresen (ticker: VSN) today, a $9.7 billion deal. This transaction will create one of the largest energy infrastructure companies in Canada, with a total enterprise value of about $33[Read More…]
Pipeline will transport 1.66 MMcf/d of gas from Permian to Gulf Coast DCP Midstream (ticker: DCP) and Kinder Morgan (ticker: KMI) announced the signing of a letter of intent today, solidifying DCP’s participation in the Gulf Coast Express Pipeline Project. The Gulf Coast Express is a planned natural gas pipeline that will transport gas from the Permian basin to the[Read More…]
Sunoco refocuses on selling wholesale gasoline Sunoco LP (ticker: SUN) announced the sale of 1,108 convenience stores to Seven & i Holdings Co today, in a transaction valued at approximately $3.3 billion. This transaction implies a value of $2.98 million per store. Seven & i Holdings, the owner of 7-Eleven, will sell gasoline supplied by Sunoco. Base gasoline volumes set[Read More…]
Sanchez Energy Eagle Ford acquisition drives expansion Sanchez Production Partners (ticker: SPP) reported fourth quarter results on Friday, showing a net loss of $12.9 million, or ($1.63) per share. Full year results are earnings of $19.2 million, or $2.43 per share. Both results are far beyond fourth quarter and full year results in 2015, when the company reported losses of[Read More…]
Mar. 24, 2017: TransCanada receives Presidential Permit to move forward with Keystone XL pipeline construction After enduring more than eight years of permitting hell, topped at the seven-year mark with a flat rejection by President Obama’s State Department, today TransCanada (ticker: TRP) finally has a U.S. Presidential permit in hand for the Keystone XL pipeline. The Presidential permit officially greenlights the[Read More…]
Pipeline will provide route to export Permian’s gas to Mexico and ship as LNG Kinder Morgan, Inc. (ticker: KMI) has announced the start of a non-binding open season for firm natural gas transportation service on its proposed Gulf Coast Express Pipeline Project, which will provide an outlet for increased natural gas production from the Permian Basin to growing markets along the[Read More…]
Successful Canadian Mainline open season for TransCanada TransCanada Corporation (ticker: TRP) said the successful conclusion of its long-term, fixed-price Open Season to transport natural gas on the Canadian Mainline from the Empress receipt point in Alberta to the Dawn hub in Southern Ontario generated binding, long-term contracts from Western Canada Sedimentary Basin (WCSB) gas producers to transport 1.5 PJ/d of natural gas[Read More…]
FERC is out of gas without a quorum For years, Marcellus and Utica natural gas transportation bottlenecks have seen producers crying for more takeaway capacity to move produced natural gas out of Appalachia. And just when they started to get some relief from FERC-approved pipeline projects, FERC ran out of gas—at least temporarily. So far in 2017, the Federal Energy Regulatory Commission (FERC)[Read More…]
Energy Transfer Partners, L.P. (ticker: ETP) said its Dakota Access, LLC has received an easement from the U.S. Army Corps of Engineers to construct a pipeline across land owned by the Army Corps on both sides of Lake Oahe in North Dakota. The release of this easement by the Army Corps follows a directive from President Donald Trump to the Department[Read More…]
MarkWest Co-Founder John Fox confirms stance that Marathon Petroleum should eliminate IDRs before refinery dropdowns John M. Fox, co-founder and former chairman and CEO of MarkWest Hydrocarbon, which merged with Marathon Petroleum’s MPLX LP (ticker: MPLX) in December 2015, issued a press release today reaffirming his stance against Marathon Petroleum Company’s (ticker: MPC) proposed January 3, 2017 plan. Fox said[Read More…]
Acquisition Simplifies Complex Corporate Structure, Reduces Operating Costs DCP Midstream, LLC announced that it will combine with DCP Midstream Partners, LP (ticker: DPM), simplifying the corporate structure and creating the largest natural gas liquids producer and gas processor in the U.S. The combined company, to be named DCP Midstream, LP and trade under the ticker DCP, will have an enterprise value[Read More…]
95% of 2017 Capital Program Focused on Montney, $195 million to Support Liquids-rich Gas Handling Veresen Inc. (ticker: VSN) has announced the sanction of an additional $195 million to new gas processing facilities at Veresen Midstream, further expanding its footprint in the prolific, liquids rich Montney region of Northern Alberta and British Columbia. This builds on the company’s recently announced[Read More…]
Continuing the recent trend of multibillion-dollar mergers in the midstream sector, Sunoco Logistics Partners L.P. (ticker: SXL) and Energy Transfer Partners, L.P. (ticker: ETP) announced that they have entered into a merger agreement in which Sunoco will acquire ETP in a unit-for-unit transaction worth $20 billion. CEO Kelcy Warren is seeking to merge the two pipeline arms of his Energy Transfer group in[Read More…]
ArcLight Capital Partners combines two of its sponsored MLPs into one entity American Midstream Partners (ticker: AMID) announced that it will merge with JP Energy Partners (ticker: JPEP) in a unit-for-unit deal, forming an MLP with a $2 billion enterprise value, according to the company’s press release Monday. Both companies are sponsored by ArcLight Capital Partners, which will combine the[Read More…]
Sunoco acquisition of Vitol’s Permian assets expands the company’s midstream infrastructure at the premier plays in the country Netherlands-based energy trader Vitol Group announced last week that its partner in its Permian Basin crude oil system, Pennsylvania-based MLP Sunoco Logistics (ticker: SXL) will purchase an integrated crude oil business in West Texas for approximately $760 million plus working capital. The[Read More…]
Noble Midstream Partners receives more than anticipated for IPO Noble Energy (ticker: NBL) announced a public offering for its MLP subsidiary Noble Midstream Partners (ticker: NBLX) last week with the hope of garnering an offer price between $19.00 and $21.00 roughly 10 months after the company postponed an IPO of the same assets. Today, Noble announced that it received $22.50[Read More…]
Administration Overturns Federal Court Ruling, Halts Work on $3.8 Billion Dakota Access Pipeline In a surprise statement on Friday, the Obama administration said that it would not issue the easements necessary for construction to begin on a portion of the Dakota Access Pipeline project planned to run under Lake Oahe in North Dakota, just north of the boundaries of the[Read More…]
Noble hopes to raise around $270 million with midstream MLP IPO Ten months after postponing the IPO of its wholly owned subsidiary Noble Midstream Partners, Noble Energy (ticker: NBL) announced that plans for a public offering are back on the front burner. The Houston-based company said that it plans to offer 12.5 million common units with the option for an[Read More…]
Mid-Con Energy Partners presents at EnerCom’s The Oil & Gas Conference® During Mid-Con Energy Partners’ breakout session, management was asked the following questions: How do you balance debt reduction with your distribution on common units? Is there some sort of formula to structure wells based on LOE? What is your overall company decline rate? What are you seeing with regard[Read More…]
Black Stone Minerals will present at EnerCom’s The Oil & Gas Conference® 21 on Aug. 17, 2016. Black Stone Minerals, L.P. is one of the largest holders of mineral and royalty interests focused on oil and gas properties in the U.S. The company’s interests include approximately 17 million gross acres in more than 40 states and every major producing basin[Read More…]
Decision hinged on tax opinion from Latham & Watkins LLP After months of corporate wrangling, court actions and contested negotiating, a Delaware judge ruled on June 24, 2016 that Energy Transfer Equity (ticker: ETE) could withdraw from its merger agreement with The Williams Companies (ticker: WMB). In a press release issued June 29th, Energy Transfer Equity, L.P. announced that it had[Read More…]
Update: Energy Transfer wins court ruling in Williams Companies merger A Delaware judge ruled on Friday that Energy Transfer Equity LP can escape a proposed merger with Williams Companies over tax fears. Williams had suggested the fears over an unexpected tax were illegitimate and was merely a ploy by Energy Transfer to duck out of the deal. The judge ruled[Read More…]
