midstream intelligencejuly 03, 2019 volume 12, no. 09for general inquiries, email [email protected]...
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Midstream IntelligenceVolume 12, No. 09July 03, 2019
VERMILION PH., LA WI FOR SALE5-Wells. 2-Producing. 1-PDNP. 2-SWD.PROLIFIC SOUTH LOUISIANA PPBAYOU HEBERT & TIGRE LAGOONLower Cris R Production.BEHIND PIPE POTENTIAL~242-Net Acres. All Held By Production. HBP
~8.3% NonOperated WI & 6.0% NRINet Production: 74 BOPD & 2,209 MCFDGross Prod: 1,361 BOPD & 40,366 MCFDHIGH BTU And PREMIUM NGL SALESRecent Net Cash Flow: ~$467,450/MnOFFERS WANTED BY JULY 18, 2019PP 2072DV
KERN CO., CA ASSETS FOR SALE4-Leases. 66 Wells. Plus Facilities62-PDP. 4-SWD. 1,014 NET ACRES (HBP) PPSAN JOAQUIN BASIN.EDISON, KERN BLUFF, & MOUNT POSOHeavy Crude Oil API Between 15° - 20° >60
100% OPERATED WI; Avg. ~86% NRI BOPD
Net Production: 66 BOPD6-Mn Avg Net Cash Flow: ~$72,140/MnCONTACT AGENT FOR MORE INFOPP 5129DV
DEALS FOR SALE
ET applies to boost Dakota Access to 1.1 MMbo/d
Energy Transfer intends to increase
the capacity of the Dakota Access pipeline
to 1.1 MMbo/d, a project that would
eliminate much of a crude
takeaway shortage that has
developed in the Bakken. The
proposal sent to North Dakota’s Public
Service Commission would increase
the capacity to just below the state’s
entire crude output at a far cheaper
price than the newbuild pipelines that
have been proposed.
ET would put two 6,000-hp pumps at
a tank terminal near Johnsons Corner in
northwestern North Dakota, as well as new
mid-point pumping stations in South Dakota
and Illinois. While ET did not report the
cost of the entire project, the North Dakota
improvements would cost $40 million and go
into service in 2020.
XcL connects southern Appalachian gas to multiple marketsTwo years ago, a new privately held midstream company formed by the management
of Marcellus shale pioneer Tug Hill and backed by private equity firm Quantum Energy
Partners began building a greenfield system to link southwest Appalachian gas production to every major long-haul pipeline in the region. The company, called XcL Midstream, has
now brought online its Appalachia Connector system, which will connect with East Coast,
Midwest, Midcontinent, Gulf Coast and West Coast markets. The pipeline offers significant market price optionality and premium netbacks for dry gas production by providing access
to nearly every major price point in the
region, COO Evan Radler told Drillinginfo.
“We have multiple sources of gas
supply and can wheel gas around to take advantage of the pricing points at any moment,
which creates significant gas marketing and trading opportunities,” Radler said in an interview. He added that this optionality provides a unique value proposition for producers
compared with other local pipeline systems, whose geographic limitations force them to
connect to only one or two interstate lines. The system is anchored by volumes from
Tug Hill’s upstream business, THQ Appalachia, which engineering and development
SVP Sean Willis said in an interview is the first operator east of the Ohio River to move beyond appraisal into full pad development of the dry gas Utica.
PAA reportedly days away from putting Permian oil in Cactus IIPlains All American Pipeline’s 670,000 bo/d Cactus II will reportedly begin line fill
in a matter of days. Putting crude in the pipeline from Wink in the southern Delaware Basin
to Ingleside on the Texas Gulf Coast would mark the beginning of the end of the Permian
crude takeaway shortage.
Cactus II is on schedule,
with operations beginning
before the end of Q3, COO Chris Chandler said at a June 11 investor day. “We have
over 90% of the pipe in the ground, and we’re working diligently towards completion,” Chandler added. PAA has not confirmed the report of line fill beginning within a week, which Reuters reported on June 27, citing a source with direct knowledge of the matter.
PAA does not expect Cactus II to reach full capacity until 1Q20, but trader Trafigura will ship its full contractual volumes of 300,000 bo/d once the line fill is complete, the source told Reuters. Trafigura signed the long-term agreement for shipments on Cactus II last year, following up a 100,000 bo/d agreement with PAA in 2017.
Cactus II to start deliveries in Q3 with full operations during 1Q20.
Link to every major interstate overlies basin’s ‘lowest-breakeven dry gas.’
Proposed DAPL expanded capacity would be ready next year.
Continues On Pg 17
Continues On Pg 14
Continues On Pg 16
TC to sell five Appalachian gas systems to UGI for $1.3BTC Energy will sell Columbia Midstream Group, a set of gas gathering systems
near the Pennsylvania-Ohio border, for $1.275 billion to UGI Energy Services, the
midstream and marketing subsidiary of energy distributor UGI Corp. The transaction,
announced late July 2, brings UGI’s gas midstream to the wellhead while helping to
finance TC’s growth capex projects.The CMG sale involves 240 miles of
pipeline, just a sliver of the 15,000 miles
that TC—then called TransCanada—acquired in 2016 when it bought Columbia
Pipeline Group in a $13 billion transaction. UGI will acquire 100% of four gas gathering
systems in southwestern Pennsylvania, eastern Ohio and the panhandle of West
Virginia and a 47% stake in the Pennant gathering system and processing plant, a JV
with Hilcorp and Williams on the Pennsylvania-Ohio border.
TC is in the midst of a C$30.3 billion ($23.3 billion) capex program. That total includes
C$6.2 billion for the Coastal GasLink pipeline in British Columbia but not the planned
Keystone XL crude pipeline. Continues On Pg 6
Deal brings TC Energy’s non-core asset sales in past eight months to $2.6B.
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three weeks and covers the midstream,
downstream and LNG sectors primarily in
North America, including new pipelines and
other projects, the deal market, finance and
regulatory updates.
All dollar amounts in this report are in US dollars
unless otherwise stated.
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ABOUT THIS REPORT
Activity Index
Company Category Primary Activity PG.
Aleph Midstream A&D Created by Vista and PE firms 5
Altus Midstream Finance $625MM preferred equity issuance triggers revolver hike 15
Anadarko A&D Oxy considers selling part of Western Midstream stake 5
Anadarko LNG Reaches FID on $20 billion Mozambique LNG 9
Antero Midstream Finance Issues second round of $650MM notes of 2019 15
Archrock A&D To buy Elite for $410MM in Hilcorp-related deals 6
Blackstone Finance Blackstone’s GSO makes final close of $4.5B energy fund 15
Brazos Midsream Pipelines Brazos to build new Delaware system after Shell deal 3
Cheniere Finance To sell $727MM in notes to Allianz pay term loans 17
Chevron Phillips Downstream Agrees to build petchem complex in Qatar 13
Commonwealth LNG LNG Signs agreement with Gunvor subsidiary 10
CSV Midstream Solutions A&D Northleaf buys CSV so it can acquire Paramount gas plant 7
DryShips A&D Considering takeover offer from CEO 5
Elite Compression A&D Archrock to buy for $410MM in Hilcorp-related deals 6
Enbridge Legal Michigan sues to get Enbridge to shut down Line 5 19
EnCap Flatrock Midstream A&D Sells Getka to two other PE firms 5
Energy Transfer Pipelines Applies to boost Dakota Access to 1.1 MMbo/d 1
Enterprise Product Ptrs A&D Shopping stake in new Corpus oil export terminal 7
Enterprise Product Ptrs Finance Prices $2.5B in senior notes 14
ExxonMobil Downstream Moves ahead on massive Texas cracker with SABIC 13
Flint Hills Resources A&D Looking to sell Ingleside crude export terminal 6
Getka Energy A&D Sold by EnCap Flatrock to two other PE firms 5
Harvest Midstream A&D Archrock to buy Elite for $410MM in Hilcorp-related deals 6
Howard Energy Ptrs Projects Expanding bulk liquid ops on Texas Gulf and in Mexico 7
Jemena A&D Buys Queensland processing facility from Senex 5
LNG Ltd. LNG Plans on increasing capacity of Magnolia LNG 10
Novatek LNG Japanese firms buy into Arctic LNG 2 project 13
NuStar Energy Pipelines To expand Valley products pipeline to Mexico border 3
PBF Energy A&D To pay up to $1B for Shell refinery in California 14
Philadelphia Energy Solutions Downstream Philadelphia refinery complex to close after fire 14
Phillips 66 Projects Joins offshore crude crowd with Bluewater plan 8
Plains All American Pipelines Reportedly days away from putting Permian crude in Cactus II 1
SABIC Downstream Moves ahead on massive Texas cracker with ExxonMobil 13
Shell A&D PBF Energy to pay up to $1B for refinery in California 14
Shell LNG Federal government sends $208MM towards LNG Canada 13
Summit Midstream Pipelines Delivers FID to Double E gas pipeline in Delaware 3
TC Energy A&D Agrees to sell Columbia Midstream to UGI Corp. for $1.3B 1
UGI Corp. A&D To purchase Columbia Midstream from TC Energy for $1.3B 1
Venture Global LNG PGNiG adds 1.5 mtpa to agreement 10
Vista Oil & Gas A&D Teams up with PE firms to create Aleph Midstream 5
Western Midstream A&D Oxy considers selling part of Anadarko’s stake 5
Williams A&D Closes $3.8B Appalachian JV deal with Canadian pensioner 5
XcL Midstream Pipelines XcL connects southern Appalachian gas to multiple markets 1
TELL YOUR STORYDo you have a story you'd like us to publish? Email our Managing Editor, David Cohen, at [email protected]
EAST TEXAS
EAST TEXAS OPPORTUNITYAssets Cover 87,414-Net Acres.MULTIPLE EAST TX COUNTIES PPDRY GAS, LIQUIDS & OIL RICH PRODBossier, Cotton Valley, Mississippian-----Rodessa Limestone & Other Fms. FOR
Includes 78.4-Net Locations (140 gross) SALE
OPERATED WI FOR SALEPDP Reserves Apr 2019: 8.482 MMBOE1P Reserves Apr 2019: 25.971 MMBOEPDP PV-10: $76,500,000Gathering System & Infrastructure.CONTACT AGENT FOR MORE INFOPP 1777DV
SOUTH LOUISIANA
ST MARY PH., LA PROPERTY~220-Net Leasehold Acres.SOUTH LOUSIANA / GULF COAST PP1-Natural Flow Producer. 1-SWD.MA3 Sand Production. 50
~100% OPERATED WI; 75% NRI BOED
Gross Production: 38 BOPD & 70 MCFDNet Cash Flow: ~$55,000/MonthPP 8491SWD
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Summit delivers FID to Double E gas pipeline in DelawareSummit Midstream Partners will proceed with its Double E pipeline in the Delaware
Basin to the Waha hub. The final investment decision on June 27 came with JV agreements with its foundation shipper, apparently an affiliate of ExxonMobil sub XTO Energy.
SMLP said it had received firm 10-year, take-or-pay volume commitments for a substantial majority of Double E’s initial capacity of 1.35 Bcf/d. Capacity could be
expanded later to 1.85 Bcf/d with the installation of compression facilities.
Because Double E starts in Eddy County, New Mexico, and ends in Texas, the
Federal Energy Regulatory Commission will need to approve the project. Barring any
delays with FERC, SMLP expects Double
E to go into service in 3Q21.
Majority owner SMLP will lead the
development, permitting and construction of the project, and will operate Double E upon
commissioning. SMLP estimates that its share of the Double E capex will total $350
million, with more than 90% of the capex being incurred in 2020 and 2021.
SMLP intends to fund its share with a combination of internally generated cash flow and proceeds from non-core asset divestitures. Company officials this year pointed to legacy systems in the Marcellus and Barnett and the Piceance Basin as non-core assets.
SMLP’s lenders also amended its revolving credit facility to provide additional flexibility, given Double E’s take-or-pay agreements.
The June announcement only referred the JV partner as “an affiliate of Double E’s foundation shipper.” SMLP has previously referred to ExxonMobil or XTO as the foundation shipper of Double E.
Brazos to build new Delaware system after Shell dealBrazos Midstream will construct a new gas gathering system in the southern
Delaware Basin as part of gathering and processing agreements with Shell Exploration
& Production. The new infrastructure will be anchored by 15-year, fee-based dedications
of 55,000 acres in Loving, Ward,
and Winkler counties, Texas.
Privately held Brazos will
construct 16 miles of high-pressure pipeline that will extend from its existing gathering
and processing systems. The system can be expanded further to support multi-well pad
development by current producer customers, as well as other producers in the area.
The company based in Fort Worth, recently commissioned the Comanche III plant, a
200 MMcf/d cryogenic processing plant. Comanche III, which began processing volumes
in Q1, is the third plant in Brazos’ gas processing complex in Reeves County, Texas,
and brings Brazos’ total operated processing capacity in the region to 460 MMcf/d. The
company expects to start building a 200 MMcf/d Comanche IV plant as early as 2020.
Pipelines End in sight for Permian crude takeaway crunch
Any day now, the first drops of Permian Basin crude should start filling Plains All
American’s Cactus II pipeline, the first of three crude long-haul
newbuilds heading towards
the Texas Gulf Coast (PG.1).
The next question will be, is the crude glut
over or just moving 450 miles to the east?
Cactus II will be followed by the EPIC
NGL pipeline, which will start with crude
deliveries, and Phillips 66 Partners’ Gray
Oak pipeline, all going into service this
year. Most of the crude will are destined for
the Corpus Christi area, which has been
developing into an oil export hub.
Pipeline construction has outpaced
the development of some major crude
export facilities. For example, Gray
Oak should be completed about half a
year before its planned export terminal,
Buckeye Partners’ South Texas Gateway.
At least nine crude export projects
have been proposed on the Gulf Coast,
the latest being Phillips 66’s Bluewater
Texas Terminal (PG.8). Bluewater is one
of the several projects that will be built
offshore, looking to fully load very large
crude carriers without need to dredge a
port, but all the offshore projects are still
in the application process.
With the abundance of Permian crude
just months away and major offshore
facilities years away, this would seem to be
a great time to own one of the existing crude
export facilities. That logic could make it
also a great time to sell a facility, a chance
to garner a premium price before a VLCC-
capable facility makes it obsolete. Flint
Hills Resources has hired J.P. Morgan
to market its crude export terminal (PG.6)
while Enterprise Product Partners is
reportedly shopping its 50% stake in Eagle
Ford Terminals Corpus Christi (PG.7).
Late July 2, TC Energy announced it
would sell its five Columbia Midstream
Group gas systems for $1.275 billion to a
subsidiary of UGI Corp. The deal not only
raises money for TC’s growth projects but
also allows UGI to enter wet gas gathering
and processing (PG.1).
Infrastructure
IN THIS ISSUE
NuStar to expand Valley products pipeline to Mexico borderNuStar Energy is looking to double the capacity of its Valley refined products pipeline
system in South Texas to 90,000 bbl/d in an effort to supply northern Mexico. The San
Antonio-based company said it has enough commitments to procced with the project
and launched an open season into July 12 for additional commitments.
Valley is a 196-mile
pipeline from the Corpus Christi area to
delivery points in Brownsville, Edinburg
and Harlingen. The expansion includes the construction of a 75-mile loop of the pipeline
segment between Seeligson and Edinburg and improvements at pump stations along
the line. The project is expected to be in service in Q3.
NuStar is proposing to make up to 90% of the expanded Valley capacity available
to shippers making long-term, ship-or-pay commitments, with at least 10% available for
walk-up shippers. The company has 9,800 miles of pipeline and 75 terminal and storage
facilities for crude, refined products and specialty liquids.
Comanche III brings Brazos’ processing capacity to 460 MMcf/d.
45,000 bbl/d to be added by 75-mile loop and improved pump stations.
SMLP expects to spend $350 million on Double E, with in-service target of 3Q21.
Anadarko reaches FID on $20 billion Mozambique LNG (PG.9).
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Selected Current Pipeline Construction Projects
Pipeline Name
Owner/ Operator Type Flow From Flow To Miles Capacity Cost Completion Notes
EPIC Y-Grade EPIC, Noble NGL Orla, TX Corpus Christi 700 200,000 bbl/d N/A 3Q19To carry crude until finish of
EPIC Crude
Grand PrixTarga, Blackstone,
StonepeakNGL
Culberson Co.,
TXMont Belvieu, TX 500 450,000 bbl/d $1.3B 3Q19
NGLs already flowing from
Permian to North Texas
Gulf Coast ExpressKinder Morgan, DCP,
Targa, Stonepeak, AltusGas Waha Agua Dulce 498 1.92 Bcf/d $1.75B 4Q19 Capacity fully subscribed
Mountain ValleyEQT, NextEra, Con
Edison, WGL, RGCGas Wetzel Co., WV Chatham, VA 303 2.0 Bcf/d $4.6B 4Q19 Slowed by legal challenges
Midship Cheniere, EIG GasKingfisher Co.,
OKBennington, OK 199 1.44 Bcf/d $680MM YE19 Notice to proceed issued
Line 3 Replace-
mentEnbridge Crude Hardisty, AB Superior, WI 1,030 760,000 bo/d C$9.0B 2H20
MN permiting to continue
until Nov
Gladiator SemGroup, DCP Crude Jack Co., TX Houston 300 300,000 bo/d N/A 3Q20Connects to converted
Southern Hills NGL pipeline
Baymark Enterprise, Formosa Ethylene Bayport, TX Markham, TX 90 N/A N/A 4Q20Provides access to new
export terminal
Jupiter JupiterMLP Crude Crane, TX Brownsville, TX 650 1.0 MMbo/d N/A 4Q20Leads to planned export
terminal
Montney to
Market PAA, SemGroup Liquids
Grande Prairie
Co. No. 1, AB
Fort Saskatch-
ewan, AB300 100,000 bbl/d N/A 4Q20
NGLs, condensate and light
crude
Permian HighwayKinder Morgan,
EagleClawGas Waha Texas Gulf Coast 430 2.0 Bcf/d $2.1B 4Q20
Construction contracts
awarded
Liberty Phillips 66, Bridger Crude Bakken Cushing N/A 350,000 bo/d $1.6B 1Q21Supplemental open season
to come
Red Oak Phillips 66, PAA Crude Cushing Ingleside, TX N/A 400,000 bo/d $2.5B 1Q21Houston & Beaumont
delivery options
Voyager Magellan, Navigator Crude Cushing Houston 500 250,000 bo/d N/A 1H21Open season through
August
Wink to WebsterPAA, ExxonMobil, Lotus,
MPLXCrude Wink, Midland
Webster, Baytown,
Beaumont650 1.0 MMbo/d N/A 1H21 Pipe ordered
Double E Summit Midstream Gas Eddy Co., NM Waha 134 1.35 Bcf/d N/A 2Q21XTO to send up to 500
MMcf/d
Seahorse Tallgrass Crude Cushing St. James, LA 700 800,000 bbl/d N/A 3Q21Leads to new export
terminal
Atlantic CoastDominion, Duke, Pied-
mont, SouthernGas Harrison Co., WV Robeson Co., NC 550 1.5 Bcf/d $7.8B 2021 Court-ordered stoppage
Keystone XL TC Energy Crude Hardisty, Alberta Steele City, Neb. 1,179 830,000 bo/d 36-in. 2021 TransCanada open to JVs
WhistlerNextEra, WhiteWater,
MPLXGas Waha Wharton Co., TX 620 2.0 Bcf/d N/A 2021 FID announced in June
Permian Global
AccessTellurian Gas Waha Gillis, LA 625 2.0 Bcf/d $1.7B 2022
Feeds proposed LNG export
terminal
Coastal GasLink TC Energy GasDawson Creek,
BCKitimat, BC 416 2.1 Bcf/d C$6.2B 2023 Looking for JV partners
Gazoduq Gazoduq Gas Ramore, ON Saguenay, QC 465 N/A $3.4B 2024To feed Energie Saquenay
LNG project
Source: PLS Research
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Williams, Canadian pensioner close $3.8B Appalachian JV dealWilliams completed the formation with Canada Pension Plan Investment Board
in a $3.8 billion gas gathering and processing JV in the western Marcellus and Utica.
CPPIB invested $1.33 billion for a 35% stake in the partnership. Williams retains 65%
ownership and operates the combined business.
The JV owns 100% of the Ohio Valley Midstream and the Utica East
Ohio Midstream systems. OVM currently has 216 miles of gathering
pipelines and 800 MMcf/d of processing
capacity. UEO has two processing plants
with a capacity of 800 MMcf/d, 36,000
bbl/d of condensate stabilization and a 135,000 bbl/d fractionation facility. The JV
excludes Williams’ interests in Flint Gathering, Cardinal Gathering, Marcellus South
Gathering, Laurel Mountain Midstream and Blue Racer Midstream.
To contribute the entire UEO system to the JV, Williams purchased Momentum
Midstream’s 38% stake for an undisclosed amount before the agreement to form the
JV was announced in March. Williams intends to use the cash proceeds from CPPIB to
offset the Momentum purchase price, reduce debt and to fund its growth capex.
Encino Acquisition Partners, a JV of CPPIB and Houston-based Encino Energy, is
an anchor customer of the UEO system. EAP acquired Chesapeake Energy’s Ohio Utica
assets last October for $1.9 billion cash. CPPIB owns 98% of EAP, with Encino operating
the assets, which consist of 938,000 net acres and 2.88 Tcfe proved reserves (72% gas).
Oxy eyes selling piece of Anadarko’s Western Midstream stakeOccidental Petroleum is reportedly looking for a buyer to take majority control of
Western Midstream Partners, which the company is acquiring as part of its broader $57
billion acquisition of Anadarko. Unnamed sources told Bloomberg that Oxy has retained
a financial advisor to solicit bids for half of Anadarko’s 55.5% stake in the Delaware and DJ Basin midstream operator
and its general partner.
The potential acquirer of
these stakes would also seek to purchase the 45% of Western Midstream that is publicly
traded, they added. Oxy would then be left with a minority stake, allowing it retain interest
in the entity’s assets in order to help it bring the oil and gas it produces from its DJ Basin
and Permian assets to market. The sources said private equity firms and midstream peers, such as Oneok, Energy Transfer and Enterprise Products Partners, could
potentially express interest.
Oxy CEO Vicki Hollub said in the immediate aftermath of the Anadarko buy that the
company would be open to selling Western Midstream. “We don’t really feel like we have
to necessarily own infrastructure to take advantage of it,” she said May 6. “We would be willing to consider the optimization, monetization, of that sooner rather than later
depending on the potential buyer.”
■ Cargo vessel operator DryShips
Inc. could be about to go private. SPII
Holdings Inc., a company controlled
by DryShips CEO George Economou,
is offering to buy the remaining 16.6%
stake for $57.9 million. SPII Holdings
will pay $4 in cash per common
share, which represents a 25.6%
premium based on DryShips’ previous-
day closing share price of $3.16. A
special committee consisting solely of
disinterested DryShips directors will
consider the proposal. The company’s
32 vessels include a very large crude
carrier, three Aframax tankers and two
Suezmax tankers.
■ Private equity firm EnCap Flatrock
Midstream sold 100% of equity in Getka
Energy to two other PE firms, HBC
Investments and Barcas Investments,
for an undisclosed amount. MapleMark
Bank of Dallas provided financing for the transaction. Headquartered in Tulsa,
Getka is a crude oil logistics provider
focused on storage, blending and
terminal solutions.
■ Senex Energy agreed to sell its
Roma North gas processing facility and
pipeline in Queensland, Australia, to
major energy infrastructure operator
Jemena for A$50 million ($34.3 million)
and entered into a long-term gas tolling
agreement. Senex, which is based in
Brisbane, Australia, began construction
of the Roma North facility and pipeline
last November with commissioning
underway. Jemena, based in Melbourne,
Australia, will take ownership after the
achievement of agreed performance
tests, which is expected in September.
■ Vista Oil & Gas, with investments
from affiliates of Riverstone and
Southern Cross Group and certain
individual co-sponsors, created Aleph
Midstream, the first midstream player focused on gathering, processing and
evacuation services for producers in the
Neuquina Basin. The financial sponsors expect to contribute up to $160 million
to Aleph in exchange for a controlling
interest of up to 78.4% of Aleph’s total
equity. Vista will contribute most of its
Neuquina midstream assets, valued at
$45 million, for a stake of at least 21.6%.
A&D
Infrastructure
Top 5 New Midstream Deals In This Issue
Date Buyer SellerValue ($MM) Country Description
07/02/19 UGI Corp. TC Energy $1,275 US Columbia Midstream
06/24/19 ArchRock JDH Capital $410 US Elite Compression
06/28/19 CSV Midstream SolutionsParamount
Resources$252 Canada Karr 6-18 gas facility
06/27/19 Riverstone; Southern Cross Vista Oil & Gas $160 Argentina Aleph Midstream JV formed
06/13/19 SPII Holdings DryShips $58 Greece Remaining 16.6% equity
Total $2,155
Note: Based on deals with disclosed values.
Source: Drillinginfo M&A Database app.drillinginfo.com/ma
Owns 15,200 miles of pipelines and multiple processing facilities.
CPPIB also owns 98% stake in major customer of newly formed JV.