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.
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.
Energy Transfer LP (NYSE: ET) completed its $3.25 billion acquisition of WTG Midstream from affiliates of Stonepeak, the Davis Estate and Diamondback Energy in July 2024. The deal added approximately 6,000 miles of natural gas pipelines and eight processing plants in the Permian Basin's Midland Basin.
ONEOK acquired Medallion Midstream from Global Infrastructure Partners for $2.6 billion. The deal added the largest crude gathering system in the Midland Basin of the Permian, with over 1,300 miles of gathering pipelines.
Williams Companies acquired Cureton Front Range for approximately $550 million in August 2024. The deal added gathering and processing assets serving the Denver-Julesburg Basin.
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.
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.
Targa Resources (NYSE: TRGP) closed the acquisition of Stakeholder Midstream for $1.25 billion in cash. The acquisition will allow Targa Resources to expand its natural gas gathering, treating and processing footprint in the Permian Basin. The assets include about 480 miles of natural gas pipelines and roughly 180 MMcf/d of cryogenic processing and sour-gas treating capacity, […]