Professional M&A intelligence for the energy transition
Sunoco LP completed its $7.3 billion acquisition of NuStar Energy in May 2024. The deal added approximately 9,500 miles of pipelines and 63 storage terminals across the United States and Mexico, expanding Sunoco beyond its core fuel distribution business.
Plains All American Pipeline acquired Ironwood Midstream Energy from EnCap Flatrock Midstream for $475 million.. The deal added crude oil gathering assets in the Eagle Ford Shale.
Kinetik Holdings completed its $765 million acquisition of Durango Permian from Morgan Stanley Energy Partners in June 2024. The deal added natural gas gathering, processing, and CO2 sequestration assets in the New Mexico Delaware Basin.
Enterprise Products Partners LP (NYSE: EPD) acquired Piñon Midstream, formerly a portfolio company of Black Bay Energy Capital, for $950 million in cash. The acquired assets, which include natural gas gathering and treating services, expand Enterprise's footprint in the eastern flank of the prolific Delaware Basin of Texas and New Mexico.
Enterprise Products Partners completed its $3.25 billion cash acquisition of Warburg Pincus-backed Navitas Midstream Partners in February 2022. The deal added 1,750 miles of pipelines and processing capacity in the Midland Basin of the Permian.
Phillips 66 acquired Pinnacle Midstream from Energy Spectrum Capital for $550 million in May 2024. The deal added natural gas and water gathering assets in the Midland Basin, expanding Phillips 66's NGL value chain.
Targa Resources completed its $3.55 billion cash acquisition of Riverstone-backed Lucid Energy in July 2022. The deal added 1,050 miles of natural gas gathering pipelines and 1.4 Bcf/d of cryogenic processing capacity in the Delaware Basin.
Spire Inc. (NYSE: SR) acquired MoGas Pipeline (an interstate natural gas pipeline) and the connected Omega Pipeline from CorEnergy Infrastructure Trust for $175 million in January 2024. The 263-mile MoGas system primarily serves Missouri, including Spire's existing utility customer base.
Saudi Aramco acquired a strategic minority stake in MidOcean Energy from EIG for $500 million in September 2023, marking Aramco's first international LNG investment. MidOcean is acquiring interests in four Australian LNG projects.
Energy Transfer LP (NYSE: ET) completed its $7.1 billion all-equity acquisition of Crestwood Equity Partners in November 2023, expanding its midstream footprint in the Williston, Delaware, and Powder River basins. The deal added Crestwood's gathering, processing, and storage assets.