Tag Archives: M&A

Enbridge Eyes $6.4 Billion In Asset Sale Income

Enbridge plans to divest assets worth US$6.4 billion (C$8 billion) this year, which is more than double the company’s initial divestment plan for the period, sources told the Globe and Mail, asking to remain anonymous because the plans are still private. Last November, the country’s top pipeline operator announced that it would divest some US$2.4 billion (C$3 billion) in non-core assets under pressure from shareholders and rating agencies to do something about its debt. Enbridge will now likely try to use improved appetite for oil assets resulting from the recent positive price developments to shrink […]

LineStar Integrity Services Acquires NuGen Automation

LineStar Integrity Services LLC, a portfolio company of First Reserve, today announced that it has acquired NuGen Automation LLC, enhancing its ability to provide enterprise-class SCADA, IT, leak detection, regulatory compliance, and operations support for midstream and downstream pipeline companies.  Financial details of the transaction were not disclosed. Under the terms of acquisition, Son Tran will continue in his role as President of NuGen, reporting directly to Daniel Cowan, CEO of LineStar. “NuGen represents an important building block to grow our energy, integrity, regulatory compliance, and control center operation offerings,” Daniel Cowan, LineStar’s CEO, said. “The company’s […]

Andeavor Completes Acquisition of Kenai LNG Facility

KENAI, Alaska (AP) — Andeavor has completed its acquisition of the Kenai Liquefied Natural Gas facility. Kenai radio station KSRM , quoting Kenai Peninsula Borough Mayor Charlie Pierce, reports ConocoPhillips sold the plant to the company formerly known as Tesoro for $10 million. The companies had agreed to keep the sale price confidential. ConocoPhillips put the LNG plant up for sale in November 2016. In July, the company said it would scale back operations until it had found an interested buyer. The borough assessed facility at $55 million. The plant includes a dock and loading […]

Pin Oak Energy Acquires Pennsylvania Midstream Assets

Pin Oak Energy Partners LLC has closed on the acquisition of additional midstream assets in northern Pennsylvania, including two taps into the Tennessee Gas Pipeline. a tap into one of National Fuel Gas Supply Corporation’s interstate pipelines, and associated gas processing capabilities. The two taps deliver into Tennessee Gas Pipeline stations west of TGP Station 313 and each have the capability of up to 100 MMcf/d. The tap that delivers to National Fuel Gas Supply Corporation’s interstate pipelines is located in Elk County, Pennsylvania.  

Dominion CEO: Without Deal, South Carolina Power Company Fails

COLUMBIA, S.C. (AP) — The top executive of a company looking to buy a troubled South Carolina utility says the state’s leaders can either accept the deal or watch SCANA Corp. fail. News outlets report Dominion Energy CEO Tom Farrell told the Public Service Commission on Thursday that the Virginia company’s proposed deal was the best option South Carolina could hope for. Farrell warned that SCANA could go bankrupt if the company can’t keep charging customers to pay debts on the construction of two reactors at the V.C. Summer Nuclear Station in Fairfield County. SCANA […]

Willbros to Sell U.S. Pipeline Assets

Willbros Group, Inc. has signed a definitive agreement to sell certain U.S. mainline pipeline assets to WB Pipeline, LLC, an affiliate of Meridien Energy, LLC. Assets included in the sale consist primarily of cross-country pipeline construction equipment.  Valuation is based upon independent third party appraisals and funding will occur in stages throughout the first quarter of 2018 as Willbros completes existing pipeline projects. Under the terms of the agreement, WB Pipeline, LLC will operate under the name Willbros Pipeline, an affiliate of Meridien Energy, LLC. “The sale of these mainline pipeline assets, coupled with our recently […]

Lucid Energy Group to Sell Delaware Basin Subsidiary for $1.6 Billion

Lucid Energy Group (Lucid) and its financial sponsor, EnCap Flatrock Midstream, have entered into a definitive agreement to sell Lucid Energy Group II, LLC (Lucid II) to a joint venture controlled by Riverstone Global Energy and Power Fund VI, L.P., an investment fund managed by Riverstone Holdings LLC, and investment funds managed by the Merchant Banking Division of The Goldman Sachs Group Inc. (Goldman Sachs MBD) for approximately $1.6 billion in cash. The participating investment funds managed by Goldman Sachs MBD are West Street Capital Partners VII, L.P., West Street Global Infrastructure Partners III, L.P., and West […]

Dominion Energy to Acquire SCANA

Dominion Energy, Inc. and SCANA Corporation have reached an agreement to combine in a stock-for-stock merger, in which SCANA shareholders would receive 0.6690 shares of Dominion Energy common stock for each share of SCANA common stock. Including assumption of debt, the value of the transaction is approximately $14.6 billion. Under the terms of the agreement, SCANA will operate as a wholly owned subsidiary of Dominion Energy and maintain its significant community presence, local management structure and the headquarters of its SCE&G utility in South Carolina. In addition, Dominion Energy will provide funding for $1 million a year in increased charitable […]

CNX Acquires CONE Midstream Partners

CNX Resources Corporation has closed on its previously announced acquisition of Noble Energy, Inc.’s  50% membership interest in CONE Gathering LLC, which holds the general partner interest and incentive distribution rights in CONE Midstream Partners LP. In conjunction with the closing, CONE Midstream Partners LP was renamed CNX Midstream Partners LP. Effective immediately, Nicholas J. DeIuliis will serve as the chief executive officer and Donald W. Rush will serve as the chief financial officer of CNX Midstream Partners. The company’s board of directors will consist of DeIuliis, Rush, Timothy C. Dugan, Stephen W. Johnson, and three […]

Andeavor to Acquire Rangeland Energy II

Rangeland Energy today announced that the company and its financial sponsor EnCap Flatrock Midstream have entered into a definitive agreement to sell Rangeland Energy II, LLC to Tesoro Refining & Marketing Company LLC, a wholly owned subsidiary of Andeavor, for an undisclosed amount. Rangeland II owns and operates the RIO System, a multipart crude oil and frac sand logistics system originating in the heart of the Delaware Basin. The system provides access and optionality to multiple crude oil producers and end markets and consists of the RIO Pipeline System and the RIO Hub. The all-cash transaction […]

Tallgrass Energy Acquires Crude Terminals

Tallgrass Energy Partners, LP today announced two strategic acquisitions by its Tallgrass Terminals business.  The acquisitions include: A 51 percent membership interest in the Pawnee, Colo. crude oil terminal from Zenith Energy for approximately $31 million. A 38 percent interest in Deeprock North, LLC, which owns  for $19.5 million or approximately eight times current cash flow. The Pawnee Terminal is an injection point for the Tallgrass Pony Express Northeast Colorado Lateral, with 300,000 barrels of storage and backed by minimum volume commitments of approximately 90,000 barrels per day. It will provide commercial and operational synergies with the […]

Noble Midstream, Greenfield Midstream form JV, Acquire Saddle Butte Pipeline

Noble Midstream Partners LP and Greenfield Midstream, LLC have formed a joint venture, Black Diamond Gathering, LLC, that has entered into definitive agreements to acquire Saddle Butte Rockies Midstream, LLC and affiliates for $625 million. Under the terms of the transaction, Noble Midstream will own 54.4% of the joint venture and Greenfield Midstream will own 45.6%. Saddle Butte’s assets include a large-scale integrated crude oil gathering system in the DJ Basin, which consists of approximately 160 miles of pipeline in operation, 300,000 barrels per day of delivery capacity, and approximately 210,000 barrels of crude oil storage capacity. Upon […]

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