MI - KMI’s Gulf LNG project wins FERC authorization - July 2019The Federal Energy Regulatory
Commission authorized the conversion
of the Kinder Morgan Inc.-operated Gulf
LNG import terminal in Mississippi into
a liquefaction and export facility. This is
the fifth liquefaction project to receive
FERC authorization in 2019. However,
construction of the two proposed 5.4 mtpa
liquefaction trains is far from certain.
“It’s quite a ways off,” CEO Steve Kean
said during KMI’s Q2 earnings call, with no
imminent announcements planned. The
company has not...
Jul 25, 2019
KMI’s Gulf LNG export facility receives draft EISKinder Morgan Inc.’s plan to convert a Mississippi regasification facility into an LNG export facility received a draft environmental impact statement in the Federal Energy Regulatory Commission. The draft EIS determined that the Gulf LNG export facility would have some adverse environmental impacts but these impacts would be avoided or reduced to less-than-significant levels.The liquefaction facility near Pascagoula, Mississippi, would feature two trains, each with a nominal capacity...
Nov 27, 2018
PS - People & Companies - October 19, 2018Louisiana-focused E&P firm Empire
Petroleum announced the election of CEO
Tommy Pritchard to its board. A longtime
energy investment banker, Pritchard was
hired to lead Empire in late 2017 after
the company retained his firm Pritchard
Griffin Advisors to advise it on potential
mergers, JVs and acquisitions. Falcon Minerals Corp. named
Stephen J. Pilatzke as chief accounting
officer. Pilatzke was CEO of refined
products company Arc Logistics Partners
from its 2013 IPO until its sale to...
Oct 19, 2018
Zenith US completes acquisition of Arc LogisticsZenith Energy US completed its acquisition of Arc Logistics Partners, giving the Houston-based startup 21 crude oil and light products terminals in 12 states. Zenith US did not disclose the price paid for Arc.The company has received a line of equity of up to $625 million led by private equity firms Warburg Pincus and Kelso. Zenith Energy US was formed by the management and certain owners of New Jersey-based Zenith Energy LP, which owns and operates terminals in the Netherlands, ireland...
Jan 08, 2018
Arc Logistics acquires four Pennsylvania terminals from GulfArc Logistics Partners bought four refined products terminals in Pennsylvania in January from Gulf Oil Limited Partnership for $8 million after parent ArcLight Capital Partners bought Gulf Oil last December. The transaction followed a decision and order by the US Federal Trade Commission requiring an ArcLight affiliate to sell the terminals. The terminals are capable of receiving, storing and delivering gasoline, distillates, ethanol and biodesel via pipe and truck haul, giving...
Feb 22, 2016
Arc acquires Colorado oil terminal & property for $76.6 millionArc Logistics Partners LP bought UET Midstream’s Pawnee crude terminal and nearby development property in Weld County, Colorado, from United Energy Trading, LLC and Hawkeye Midstream, LLC for $76.6 million, consisting of $44.3 million in cash and $32.3 million paid via the issuance of nearly 1.746 million Arc common units. The Pawnee crude terminal, in the northeastern part of the county, began operations May 1 and serves as a primary injection point on Tallgrass Energy Partners’...
Jul 14, 2015
Who’s Hot, Who’s Not - May 14, 2015Upgrades: • BP (BP/42.71/$34.88/$53.48/$130.14B) from Hold to Buy by TheStreet Ratings. • Breitburn Energy Partners (BBEP/$6.31/$4.55/$23.15/$1.33B) from Sell to Hold by Wunderlich. • Cimarex Energy (XEC/$116.93/$91.74/$150.71/$3.54B) from Sell to Neutral by Citigroup. • Crestwood Equity Partners (CEQP/$5.37/$5.09/$15.40/$1.01B) from Under Weight to Equal Weight by Barclays. • EnCana (ECA/$13.84/$3410.53/$24.83/$11.65B) from Equal-Weight to Overweight by...
May 14, 2015
Arc Logistics buying Illinois crude terminal with GE unitA joint venture between Arc Logistics Partners and GE Energy Financial Services will acquire Joliet Bulk, Barge & Rail, LLC from CenterPoint Properties Trust for $216 million. The pair will take possession of the Joliet, Illinois-based crude unloading terminal and four-mile pipeline, among other assets in April. The deal will include an earn-out payable to CenterPoint based upon petroleum product throughput volumes at the terminal up to $27 million. Arc Logistics will own 60% of the...
Feb 27, 2015
Targa takeover of Atlas will leave a non-midstream stepchildImmediately ahead of Targa Resources and Targa Resources Partners LP takeover of Atlas Pipeline Partners and Atlas Energy LP in deals valued at over $7.6 billion, Atlas Energy is spinning off its non-midstream assets into a new LLC to be called Atlas Energy Group. Current Atlas Energy LP unitholders will get a 100% common unit distribution of the new LLC, expected to house, among other things, 100% of the general partner interest and IDRs in Atlas' E&P sub Atlas Resource Partners and nearly...
Nov 05, 2014
In 2013, IPOs were a midstream stapleThe question isn't "who did an IPO in 2013?" It's "which company didn't have an interest in a midstream IPO in 2013?" The industry long awaited the Phillips 66 Partners launch of 16.425 million units at $23 each last summer, continuing a bluechip legacy into the world of master limited partnerships. But if anything, 2013 will be remembered as a year both the obscure and household names plugged pipelines and storage facilities into MLPs to push out for publicsale. Ironically, the biggest...
Jan 15, 2014
KKR increases Torq's torque & becomes a Calgary PE forceLegendary global investment firm Kohlberg Kravis Roberts is backing Torq Energy Logistics with a $250 million investment, and is opening its first Canadian office in Calgary to keep an eye on its new investment and others it plans to make in Canada's energy sector. The specific vehicles being used to fund Torq are KKR North American Fund XI in addition to other funds and accounts managed by KKR.This is KKR's second investment in the Canadian energy sector in as many years, investing up...
Dec 24, 2013
Who's Hot, Who's Not - As of December 05, 2013Upgrades:• Bonanza Creek Energy Inc. (BCEI/$47.22/$23.76/$57.47/$1.9B) from Hold to Buy by Wunderlich.• Breitburn Energy Partners LP (BBEP/$18.92/$14.01/$21.75/$1.89B) from Neutral to Outperform by Robert W. Baird.• Cimarex Energy Co. (XEC/$98.98/$55.74/$113.03/$8.6B) from Hold to Buy by Stifel.• Crestwood Midstream Partners LP (CMLP/$22.27/$20.40/$26.01/$1.34B) from Neutral to Outperform by Robert W. Baird.• Comstock Resources Inc....
Dec 05, 2013
Midstream A&D Briefs - June 02, 2015• A JV consisting of 60% owner Arc Logistics Partners and 40% holder GE Energy Financial Services completed the purchase of Chicagoland’s Joliet Bulk, Barge & Rail from CenterPoint Properties Trust for $216 million. The principal Joliet assets are a crude unloading terminal and a four-mile crude pipeline. The terminal has 85,000 bbl/d unloading capacity and about 300,000 bbl storage capacity. The JV will also make throughput-based earn-out payments to CenterPoint that stop once they hit $27...
Jun 02, 2015
Midstream Capital Briefs - April 22, 2015In support of its participation in the pending purchase of Joliet Bulk, Barge & Rail, Arc Logistics Partners amended an existing credit facility with its lending group to increase available funds to $275 million from $175 million. Among the lenders are other Arc affiliates. The $216 million Joliet purchase being conducted jointly with GE Energy Financial Services is on track to close May 18, a filing indicated. Sunoco LP sold $800 million aggregate principal amount of 6.375%...
Apr 22, 2015
Midstream Capital Briefs - January 13, 2015• Dallas-based investment firm Alerian is adding Enable Midstream Partners to its Alerian MLP and MLP Equal Weight indices, replacing Exterran Partners. The firm also added Western Gas Partners to its Large Cap MLP Index, replacing Linn Energy. The Alerian MLP is a floatadjusted, capitalization-weighted index consisting of 50 large- and mid-cap energy master limited partnerships; the Equal Weight Index consists of the same companies but allocates a 2% weight to each. The Alerian Large Cap MLP...
Jan 13, 2015