BlackRock completes $600MM buy of Glass Mountain in OKNGL Energy Partners and SemGroup have closed their sale of the Glass Mountain system in Oklahoma to a fund run by BlackRock, the world’s largest money manager. The 50:50 partners will evenly split the $600 million from the sale of the system with 1.0 MMbo of storage in Cushing.The 50:50 JV that owned Glass Mountain has been expanding the 214-mile system into the STACK by adding another 44 miles. When the expansion is operational this quarter, Glass Mountain will have 210,000 bo/d of...
Jan 08, 2018
SemGroup expands to Gulf Coast in $2.1B storage dealSemGroup Corp. is securing a foothold on the Houston Ship Channel with the acquisition of Houston Fuel Oil Terminal Co. (HFOTCO) from private equity firm Alinda Capital Partners. In a deal valued at $2.1 billion, SemGroup is getting one of the largest oil terminals in the US with 16.8 MMbbl of storage on 330 acres.SemGroup will make an initial $1.5 billion payment at closing (expected in Q3), which includes the assumption of $785 million in debt. The company will issue ?$300-400...
Jun 09, 2017
SemGroup sells $325MM in debt to finance tender offerSemGroup Corp. sold $325 million principal amount of 6.375% senior unsecured notes due 2025 at 98.467 to yield 6.625% to buyers who purchased at offering price. The notes were sold under SEC Rule 144A and Regulation S. Credit Suisse acted as agent. They are guaranteed by existing SemGroup subsidiaries. The new notes join SemGroup’s three other debt issues that altogether total $1.365 billion in principal amount outstanding, about half of which was issued through sub Rose Rock Midstream....
Mar 29, 2017
A&D Transactions - People & Companies - March 3, 2017¦ Anadarko named KKR energy vice chair Claire S. Farley to its board. Before joining KKR in 2011, Farley was co-founder and co-CEO of RPM Energy, a private oil and gas company backed by the private equity firm. She also served as CEO of oil and gas transaction advisory firm Randall & Dewey from 2002 to 2005. ¦ California Resources Corp. announced the resignation of Wells Fargo president Tim Sloan from its board as a result of his promotion to president and CEO and his concurrent...
Mar 03, 2017
SemGroup completes buyout of Rose Rock Midstream - October 24, 2016SemGroup completed its purchase of outstanding common units of Rose Rock Midstream that it didn’t already own. Prior to the acquisition, SemGroup owned 56% of Rose Rock. The company offered 0.8136 SemGroup shares per Rose Rock common unit. The offer was worth $390 million. CEO Carlin Conner said the deal simplified SemGroup’s structure so it could more easily move forward with its strategic growth...
Oct 24, 2016
SemGroup completes buyout of Rose Rock Midstream - October 20, 2016SemGroup completed its purchase of outstanding common units of Rose Rock Midstream that it didn’t already own. Prior to the acquisition, SemGroup owned 56% of Rose Rock. The company offered 0.8136 SemGroup shares per Rose Rock common unit. The offer was worth $390 million. CEO Carlin Conner said the deal simplified SemGroup’s structure so it could more easily move forward with its strategic growth...
Oct 20, 2016
SemGroup $200MM-plus equity sale follows Rose Rock rollupSemGroup Corporation sold 7,500,000 common shares in a public offering at $27 each on June 17 through sole underwriter Barclays to gross $202.5 million. The company granted the underwriter a 30-day overallotment option for another 1,125,000 shares, which if fully exercised would bring the company’s net proceeds to about $228.4 million. The offering was 50% upsized from an originally contemplated 5,000,000-share deal. The company intends to use net proceeds for working capital and...
Jun 17, 2016
SemGroup buys up the rest of Rose Rock MidstreamRose Rock Midstream 56% shareholder SemGroup Corp. will acquire all of the outstanding common units of Rose Rock that it doesn’t already own. The transaction is a stock-for-unit deal at a ratio of 0.8136 SemGroup common shares per Rose Rock common unit. Rose Rock’s implied unit price represents a 7.4% and 19.2% premium to its volume-weighted average prices during the 10 trading days and 20 trading days ending May 27.Once the deal is complete, SemGroup will target an 8% compound annual...
May 31, 2016
Rose Rock targets revolver, other uses with debt/equity comboRose Rock Midstream has sold $350 million in 5.625% notes due 2023 via private offering at 98.345% of par, for an effective yield of 5.875%. The offering was upsized 17% from an originally proposed $300 million. Rose Rock plans to use proceeds to repay revolver debt and support general purposes. The partnership boosted its capital activity further with a subsequent filing to sell up to $150 million in common equity via ordinary brokerage transactions. That sale will also go toward reducing...
May 13, 2015
SemGroup will start to build Maurepas pipelinesSemGroup Corp. will build, own and operate three new pipelines to support the operations of Motiva Enterprises in and around the Norco and Convent, Louisiana area. Called the Maurepas pipelines, the aggregate 103.2 miles of new pipes will help Motiva better integrate its refining operations and serve as a future dropdown acquisition asset for SemGroup’s Rose Rock Midstream MLP.The three pipelines consist of: a 34.2 mile, 24-in crude pipeline that will connect the LOCAP pipeline, cross...
Mar 26, 2015
Rose Rock buying Mid-Con & Rockies pipelines for $325 millionRose Rock Midstream will buy the Wattenberg Oil Trunkline System and a 50% interest in the Glass Mountain Pipeline for an aggregate $325 million consisting of cash and 1.75 million of its common units. The seller, SemGroup, is RoseRock’s parent company and the dropdowns will close this quarter, the partnership said. The 210-mile Glass Mountain crude pipeline system comprises two lateral pipelines that originate in the Granite Wash and Mississippi Lime, join and then terminate at the...
Feb 10, 2015
People Briefs - March 18, 2016Bear Head LNG announced the resignation of director and COO John Godbold and CFO Ian Salmon. John Baguley, who was just appointed CTO, will take over executive management responsibilities for now. Bear Head LNG is a wholly owned subsidiary of Liquefied Natural Gas Limited (LNGL).Woodside Petroleum appointed Ann Pickard as non-executive director, effective immediately. Pickard recently ended 15 years at Shell, which created the FLNG technology upon which Woodside’s Browse development is...
Mar 18, 2016
People & Companies Briefs - February 25, 2016Stone Bridge gained three energy industry veterans: John Hopper, Tim Sullivan and Ashok Gupta. The three new executives will help support the quick pipeline development Stone Bridge has seen in its downstream and non-traditional midstream energy infrastructure projects. Hopper, taking the role of EVP of commercial structuring, comes with almost 40 years of experience in executive leadership and general counsel. Sullivan, EVP of projects and business development, comes with 30 years’ experience...
Feb 25, 2016
People & Company Briefs - October 06, 2015Anadarko promoted deputy general counsel, corporate secretary and chief compliance officer Amanda M. McMillian to SVP from VP. In addition, EVP, general counsel and chief administrative officer Robert K. (Bobby) Reeves was given the new title of law EVP and chief administrative officer to enhance the company’s approach to US and international government relations. Anadarko also elected Sean Gourley to its board. Gourley is the founder and CEO of Primer, an early-stage, venture-backed company...
Oct 06, 2015
Midstream Capital Briefs - June 02, 2015• Azure Midstream Partners LP, formerly Marlin Midstream Partners LP, began trading on the NYSE under the new ticker AZUR on May 29. “We are proud to announce our new partnership with the New York Stock Exchange and are excited to begin our first day of trading,” said CEO I.J. (Chip) Berthelot II. The Dallas-based partnership completed the acquisition of Marlin in February. • About 86% of Genesis Energy LP’s 2018 senior notes were validly tendered in conjunction with a tender offer that...
Jun 02, 2015