Hints and tips:
...Aaron Milford, chief executive of Magellan Midstream Partners, said that the “opportunity to invest and grow” as a company focused on crude oil and refined products, such as petrol and jet fuel, had become...
...When a client (the Limited Partner, or LP) signs up to invest $100mn in private equity, they don’t immediately assume $100mn of exposure....
...US pipeline giant Oneok is set to buy Magellan Midstream Partners for $18.8bn, creating one of the biggest oil and gas infrastructure companies in North America as consolidation in the hydrocarbon business...
...The latest deal was the $18.8bn sale of pipeline company Magellan Midstream Partners to rival Oneok this week....
...Energy Transfer’s growth has already been boosted by acquisitions: it announced the purchase of Permian Basin operator Lotus Midstream for $1.5bn in March, and in 2021 it snapped up Enable Midstream Partners...
...Now scarcity has thrown a spotlight on their value, intensified by Oneok’s recommended offer for Magellan Midstream Partners at an enterprise value of $18.8bn....
...For pipeline builders — the so-called midstream part of the industry — the peak shale era brought its own wealth of opportunities....
...Among the disasters, the stock and bond prices of oilfield services firm Weatherford and shale-gas specialist Chesapeake have collapsed this year. Additional reporting by Joe Rennison and Miles Kruppa...
...Brunswick Group has hired Don Baer as a senior partner in Washington....
...For example, Magellan Midstream, an energy MLP, last year paid out only about 71 per cent of its cash flows as dividends....
...Shale gas stalwart Chesapeake Energy even warned last month that being able to keep the lights on was a “going concern”. Solus has also stepped on this landmine....
...Loadings of crude by rail fell to about 115,000 b/d soon after Dakota Access entered service in 2017 but have since surpassed 300,000 b/d, said Ryan Saxton, director of midstream oil at Genscape....
...ICE’s contract is delivered at Houston terminals owned by Magellan Midstream Partners, whose specifications allow oil with a wider gravity band of 36-44 degrees and a sulphur cap of 0.45 per cent....
...Shares of EQT rose 3 per cent in pre-market trading and Rice Midstream Partners advanced 4 per cent....
...The comments by the chiefs of Energy Transfer Partners, Kinder Morgan and TransCanada underscored how a tactic of addressing climate change by blocking new infrastructure has rattled a midstream energy industry...
...Its first public move was in EQT, a US energy group, where it lobbied the company to split its production and midstream businesses....
...The structure of the offer made by Enterprise Products, the largest US midstream pipeline company by market value, could not be learned but the people added that it remains interested in a deal for Williams...
...The numbers were made to add up by selling the Sunoco retail business to its affiliate Sunoco LP for $2.2bn, and by issuing units worth $1.1bn....
...On the BridgeTex crude oil pipeline in Texas, co-owned by Plains and Magellan Midstream Partners, the companies have told analysts one customer will probably fail to meet its commitments....
...Minorities may also take issue with Husky’s assertion that it “set a high bar” in its search for partners that shared its objectives....
...In a case in Delaware bankruptcy court, producer Quicksilver Resources has sought to reject gas-gathering contracts with Crestwood Midstream Partners....
...Williams Partners, a 58 per cent owned unit of Williams group, makes about 20 per cent of its revenues in fees paid by Chesapeake for gathering and processing gas, according to Fitch, another rating agency...
...Industry titan Williams Partners derives a fifth of its earnings from Chesapeake Energy. Worries about bankruptcy at Chesapeake sent Williams shares down 19 per cent a few weeks ago....
...And because KMI is a bellwether in the North American midstream sector, the recent declines of its stock and bond prices are reverberating through its peer group, as evidenced by the Alerian MLP Index falling...
...So-called “midstream” companies like Kinder Morgan, which build and operate thousands of miles of pipelines, like to think of themselves as “toll collectors”, immune from cratering oil and natural gas prices...
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