Summit Midstream Completes Acquisition of Tall Oak Midstream III
12/3/2024
(P&GJ) — Summit Midstream Corporation (SMC) has finalized its acquisition of Tall Oak Midstream III from Tailwater Capital.
The deal includes cash, equity considerations, and potential contingent payments. This acquisition significantly boosts Summit’s natural gas portfolio, bringing its balance to about 50% natural gas-focused operations.
Shareholders approved the acquisition during a virtual meeting, with nearly 77% participation and almost unanimous support. Summit’s leverage ratio, following this transaction, stands at approximately 3.8 times, as of Sept. 30.
This move aligns with Summit’s strategy to enhance scale and creditworthiness while expanding its natural gas infrastructure.
Related News
Related News
Sign up to Receive Our Newsletter
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- Boardwalk Approves 110-Mile, 1.16 Bcf/d Mississippi Kosci Junction Pipeline Project
- Kinder Morgan Approves $1.4 Billion Mississippi Crossing Project to Boost Southeast Gas Supply
- Midstream Prepares for Trump's Upcoming Regulatory Changes
- Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Enbridge Should Rethink Old, Troubled Line 5 Pipeline, IEEFA Says
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- Polish Pipeline Operator Offers Firm Capacity to Transport Gas to Ukraine in 2025
Pipeline Project Spotlight
Owner:
East African Crude Oil Pipeline Company
Project:
East African Crude Oil Pipeline (EACOP)
Type:
TotalEnergies in discussions with a Chinese company after Russian supplier Chelpipe was hit by sanctions.
Length:
902 miles (1,443 km)
Capacity:
200,000 b/d
Start:
2022
Completion:
2025
Comments