American Midstream Acquires Panther Asset Management
American Midstream Partners, LP (AMID) has acquired 100% of the assets in Panther Asset Management, LLC, for a total consideration of approximately $52 million. The consideration consisted of approximately $39 million cash from borrowings under AMID’s revolving credit facility and common units representing limited partner interests.
Under the terms of the acquisition, AMID will acquire Panther’s 33.3% equity interests in Main Pass Oil Gathering (MPOG), as well as Panther’s 40% equity interest in American Panther, LLC (AmPan).
MPOG currently provides crude oil transportation services in the Main Pass, Viosca Knoll and Mississippi Canyon areas with onshore Louisiana delivery to either Delta or Cypress pipelines to the Empire Terminal. MPOG has crude oil capacity of 160 MBbls/day and has approximately 98 miles of large and mid-diameter pipelines from four offshore platforms. AmPan provides crude oil and natural gas transportation services from the South Marsh Island area offshore to an onshore station near Henry Hub in Vermillion Parish, LA for crude oil and the Henry Hub for natural gas. In total, the AmPan system encompasses approximately 200 miles of crude oil, natural gas, and salt water onshore and offshore Gulf of Mexico pipeline.
“We are excited about further integrating this strategic asset as part of our long-term Gulf Coast strategy,” said Lynn Bourdon III, President and Chief Executive Officer, AMID. “The acquisition of Panther is a strong and tactical fit that will provide another step to creating the premier gulf system,” “The Panther team has a strong history of being able to execute in high valued projects.”
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