MI - Summit Midstream Partners completes simplification process - June 2020Summit Midstream Partners LP announced on May 28 the completion of transactions to effectively simplify its structure with stakeholders. It closed the previously planned purchase from Energy Capital Partners II of Summit Midstream Partners, LLC, which indirectly owns SMLP's general partner, Summit Midstream GP, LLC, and 5.9 million SMLP common units owned directly by an affiliate of ECP, for $35 million in cash plus warrants for up to 10 million SMLP common units. Under the deal, Summit...
Jun 17, 2020
MI - Summit Midstream Partners completes simplification process - June 2020Summit Midstream Partners LP announced on May 28 the completion of transactions to effectively simplify its structure with stakeholders. It closed the previously planned purchase from Energy Capital Partners II of Summit Midstream Partners, LLC, which indirectly owns SMLP's general partner, Summit Midstream GP, LLC, and 5.9 million SMLP common units owned directly by an affiliate of ECP, for $35 million in cash plus warrants for up to 10 million SMLP common units. Under the deal, Summit...
Jun 17, 2020
MI - People & Companies - June 17, 2020Enbridge Inc. elected Stephen S. Poloz director. He was governor of the Bank of Canada from 2013 until June 2, as well as chairman of the bank. He had previously been president and CEO of Export Development Canada from 2011 to 2013. Trade Association GPA Midstream announced new officers elected to one-year terms. Its new board chairman is Bill Ward, SVP of commercial activity at Superior Pipeline. The chair-elect is John Poarch, president of ARM Energy Midstream/Salt Creek Midstream....
Jun 17, 2020
CM - Summit Midstream Partners completes simplification process - June 2020Summit Midstream Partners LP announced on May 28 the completion of transactions to effectively simplify its structure with stakeholders. It closed the previously planned purchase from Energy Capital Partners II of Summit Midstream Partners, LLC, which indirectly owns SMLP’s general partner, Summit Midstream GP, LLC, and 5.9 million SMLP common units owned directly by an affiliate of ECP for $35 million in cash plus warrants for up to 10 million SMLP common units. Under the deal, Summit...
Jun 05, 2020
A&D - Summit simplifying with purchase of general partner’s stake - May 2020Summit Midstream Partners LP said it will simplify its structure for $35 million in cash plus warrants to buy 10 million of its common units. SMLP signed a definitive agreement with Energy Capital Partners II to acquire Summit Midstream Partners LLC, the private company that owns SMLP’s general partner, and 5.9 million of the MLP’s common units separately owned by ECP II. The deal brings back 54.2% of SMLP’s total units outstanding. SMLP’s core assets are comprised of gathering and...
May 22, 2020
A&D - Analyst Notes - May 22, 2020Occidental Petroleum (OXY; $14.99-May 20; Sell; PT-$10) With the processes of both Algeria and Ghana coming to an end and staying in house, we’ll be watching to see if OXY can get the highlighted $2B of incremental asset sales across the finish line to bring cash in the door towards addressing the elevated leverage profile. We continue to believe the common dividend needs to be taken to zero (TPHe starting Q3’20) and don’t expect cash payments for the preferred dividend for the...
May 22, 2020
MI - Summit simplifying with purchase of general partner’s stake - May 2020Summit Midstream Partners LP said it will simplify its structure for $35 million in cash plus warrants to buy 10 million of its common units. SMLP signed a definitive agreement with Energy Capital Partners II to acquire Summit Midstream Partners LLC, the private company that owns SMLP’s general partner, and 5.9 million of the MLP’s common units separately owned by ECP II. The deal brings back 54.2% of SMLP’s total units outstanding. ECP II will lend $35 million to SMLP under an 8%...
May 06, 2020
MI - Summit-XTO Double E gas pipeline is A-OK with FERC so far - April 2020The US Federal Energy Regulatory Commission said that the proposed 135-mile Double E Delaware Basin natural gas pipeline project would not significantly affect the human environment. A blanket certificate is expected in Q3 but the recent FERC verdict is a step on the path toward Summit Midstream Partners commissioning of the pipeline in 2021. The pipeline will be built to deliver up to 1.35 Bcf/d from receipt points in New Mexico and Texas to the Waha hub. XTO Energy, a subsidiary of...
Apr 17, 2020
CM - Energy Capital Partners taking a respite from pipeline investing - February 2020Energy Capital Partners recently closed its flagship ECP Fund IV at $3.3 billion and has raised another $3.5 billion for co-investment opportunities over the past two and half years. Fund IV has already closed $1.4 billion in equity commitments, with the latest midstream investment—Next Wave Energy Partners—likely its last for a while, if sources are accurate. After investing more than $3 billion across 20 midstream transactions, the group will take a break from funding new...
Feb 21, 2020
CM - Energy Transfer ‘probably will’ change to an Up-C structure - February 2020Energy Transfer CEO Kelcy Warren told attendees at the Argus Americas Crude Summit that the LP will “probably” become an Up-C. He said that master limited partnerships have fallen “so out of favor” that he and his team “will probably have an alternative currency for our unitholders to look at.” However, Warren doesn’t intend to throw MLPs under the bus. He believes the structure will return to favor: “MLPs are just too good of an instrument. They’re just too efficient not to attract people back...
Feb 21, 2020
MI - Energy Capital Partners no longer pursuing pipeline firms - February 2020Energy Capital Partners is moving away from new pipeline deals in the short and medium term, according to a published report. The move suggests that the private equity industry, an ardent backer of the sector, might be questioning midstream’s potential amid concerns of slowing production growth in US land. The private equity firm with $20 billion in commitments also parted ways with head of midstream investments Scott Rogan, sources told Bloomberg. Other teams in the company will manage...
Feb 11, 2020
MI - ET looking at changing to up-C, but CEO still likes MLPs - February 2020Energy Transfer “probably” will change its corporate structure, CEO Kelcy Warren said, but he’s not interested in denouncing the master limited partnership structure. While MLPs have fallen out of favor with investors, Warren said he believes the structure will make a comeback. “Today they’re so out of favor,” Warren said at an industry conference. “I think it will ultimately go back, but that’s the way it is today.” “We may do an up-C, and we probably will do that,” Warren said at the...
Feb 11, 2020
CM - Energy Capital Partners closes Fund IV with $3.3B committed - January 2020Energy Capital Partners, the private equity group that led the $17 billion privatization of Calpine two years ago, announced that it had closed its flagship ECP Fund IV with capital commitments of $3.3 billion. In a Jan. 21 announcement, the firm said Fund IV will continue ECP's strategy of investing in infrastructure within the core sectors of natural gas power generation, renewables and storage solutions, midstream, and environmental infrastructure, while avoiding the upstream oil and...
Jan 31, 2020
MI - People & Companies - January 23, 2020DCP Midstream president Don
Baldridge was re-elected as chairman of
trade group Texas Pipeline Association.
Robin Fielder was appointed
president and COO of Noble Midstream
Partners and SVP of midstream for Noble
Energy. She will report to Brent
Smolik, the partnership’s CEO
and president and COO of
Noble Energy. Fielder has nearly 20 years
of experience in the oil and gas industry,
serving most recently as president, CEO
and director of Western Midstream
Partners and SVP of midstream...
Jan 23, 2020
CM - TPG Capital’s equity purchase will help Summit fund Double E
- January 2020TPG Capital will buy up to $80 million of preferred equity in a new Summit Midstream Partners’ holding company to help fund the construction of the proposed Double E pipeline in the Delaware Basin. Under terms of a Dec. 30 agreement, Summit Permian Transmission Holdco LLC, which will indirectly own Summit’s 70% stake in the Double E, will issue 7% redeemable preferred units to TPG Energy Solutions, the group’s energy-specific structured equity vehicle, and has the option of paying the interest...
Jan 10, 2020