Professional M&A intelligence for the energy transition
Crestwood Equity Partners acquired Sendero Midstream from Energy Capital Partners for $600M cash, doubling its natural gas processing capabilities in the Delaware Basin.
Crestwood Equity Partners LP (NYSE: CEQP) acquired Oasis Midstream Partners LP (NASD: OMP) in an equity and cash transaction valued at about $1.8 billion including the assumption of debt.
Energy Transfer acquired WTG Midstream Holdings from Diamondback Energy for $3.25B. Diamondback divested WTG as part of its strategy to fund the Endeavor merger. WTG operates natural gas gathering, processing, and transportation assets in the Permian Basin.
Sunoco LP acquired NuStar Energy in an all-equity deal valued at $7.3B (incl. assumed debt). NuStar brought ~9,500 miles of pipeline and 63 terminal/storage facilities, significantly diversifying Sunoco's business and enhancing its distribution network. Expected $150M+ of run-rate synergies.
EQT acquired Equitrans Midstream in an all-stock deal, creating America's only large-scale vertically integrated natural gas company. The combined entity has >2,000 miles of pipeline infrastructure and $425M+ of annual synergies, with a free cash flow breakeven of ~$2/MMBtu.
ONEOK acquired Global Infrastructure Partners' entire interest in EnLink Midstream (NYSE: ENLC). The deal consists of 43% of EnLink's outstanding common units for $14.90 per unit and 100% of the interests in the managing member for $300 million, for about $3.3 billion.
An EIG Global Energy Partners-led consortium closed a $12.4 billion investment for a 49 percent stake in Aramco Oil Pipelines Company.
Williams Companies acquired NorTex Midstream, a natural gas pipeline and storage asset located in north Texas, from an affiliate of Tailwater Capital for $423 million. NorTex owns three natural gas storage facilities in North Texas with combined working gas capacity of 36 Bcf and approximately 80 miles of pipelines.
Kinder Morgan completed the acquisition of STX Midstream from NextEra Energy Partners for $1.82 billion. STX Midstream owns approximately 462 miles of natural gas pipelines including the Eagle Ford Express system and the Carrizo Pipeline serving Eagle Ford, South Texas, and Mexican demand markets.
Chevron completed the acquisition of all outstanding public common units of Noble Midstream Partners LP for $1.32 billion. The take-private transaction consolidated Chevron's gathering and processing assets in the DJ and Permian Basins.