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 - 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 Transfer enters into new $2B loan agreement - October 2019Energy Transfer LP’s subsidiary Energy Transfer Operating LP signed a $2 billion, three-year unsecured term loan agreement with a syndicate led by TD Bank. The loan will be guaranteed by another subsidiary, Sunoco Logistics Partners Operations LP. The loan will be payable at either LIBOR plus a range of 62.5-150 bps through the first 24 months and 100-187.5 bps through the remainder, or at a base rate with a maximum spread of 50 bps for the first 24 months and 87.5 bps for the remainder of the...
Oct 25, 2019
MI - PES files Chapter 11 with hopes to save Philadelphia refinery - July 2019PES Energy Inc. and its subsidiary that operates the largest refinery complex on the
East Coast filed for bankruptcy on July 22. The bankruptcy announcement cracked open
the door to a revival for the 335,000 bbl/d Philadelphia complex, which PES said in June
would close for good after a fire.
PES said it will work with stakeholders
toward a Chapter 11 restructuring. To allow
it to continue some operations, PES and operating subsidiary Philadelphia Energy
Solutions Refining and Marketing...
Jul 25, 2019
AMID tries again to sell products terminaling businessDallas-based Sunoco LP agreed to purchase the refined products terminaling business of American Midstream Partners (AMID) for $125 million plus working capital adjustments. The deal comes after the cancellation of a definitive agreement announced in February to sell the same assets for $138.5 million to Delek Logistics Partners and Green Plains Partners. AMID said the sale fell through because of federal regulatory delays.AMID’s terminaling business consists of facilities in...
Nov 27, 2018
Midstream giants to roll up partnerships for $20B in stockAs we reported in Midstream Intelligence on May 22, Williams, Enbridge and Cheniere Energy will buy out several partnerships in a series of deals valued at $19.9 billion. All three announced their strategic shifts from MLPs to C-Corps on May 17, marking a dramatic rejection of what once was a popular way to fund infrastructure projects. The FERC may have supplied the final straw to the MLP structure in March, when it ruled that partnerships owning interstate pipelines could no longer...
Jun 06, 2018
People & Companies - June 06, 2018Michael Rigg has joined Anadarko
Basin-focused and Apollo-backed
Chisholm Oil & Gas as CFO. Prior to
joining Chisholm, Rigg served as finance
VP and treasurer of BlackStone-backed
Vine Oil & Gas. Upstream software and technology
provider P2 Energy Solutions struck
a deal to acquire cloud-based land and
lease management software provider
iLandMan. P2 describes itself as the
world's largest software and technology
company dedicated to the upstream oil
and gas industry, with...
Jun 06, 2018
Midstream majors to roll up partnerships for $20B in stockWilliams, Enbridge and Cheniere Energy will buy out several partnerships in a series of deals valued at $19.9 billion. All three announced their strategic shifts from MLPs to C-Corps on May 17, marking a dramatic rejection of what once was a popular way to fund infrastructure projects. The Federal Energy Regulatory Commission may have supplied the final straw to the MLP structure in March, when it ruled that partnerships owning interstate pipelines could no longer include an income tax...
May 22, 2018
EnCap Flatrock backs Lotus with $400MM commitmentLotus Midstream has secured a $400 million equity commitment from EnCap Flatrock Midstream, giving it the financial heft to buy assets used to transport oil and condensate. Lotus was established in early 2018 by its three founding partners: CEO Mike Prince, Chief Commercial Officer Emily Baker and COO Jen Fontenot. Prior to establishing Lotus, the trio worked together for five years on the business development team at Sunoco Logistics Partners LP, now Energy Transfer Partners LP, where...
Mar 06, 2018
Eagle Energy reduces debt with $33.3MM asset saleEagle Energy sold its stake in the Salt Flat Field in Caldwell County, Texas for $33.3 million and will use funds to reduce its debt and to further capital expenditures in North Texas. Eagle CEO Wayne Wisniewski said the sale price is ~45% higher than it would have been six months ago. Eagle retained Detring Energy Advisors to advise on the asset sale, which advised that the development of the Salt Flat Field would provide less return to investors than its other assets. Eagle’s latest...
Feb 26, 2018
People & Companies - February 23, 2018Commissioning is progressing
well at ExxonMobil’s 1.5MM ton per
year ethane cracker at its Baytown, TX
complex. Project startup is expected
during Q2. The
new cracker, part
of ExxonMobil’s Baytown chemical
expansion project, will provide
ethylene feedstock to the new
performance polyethylene lines in
Mont Belvieu, which began production
in the fall of 2017. Targa Resources appointed CFO
Matthew Meloy to president. Meloy
joined Targa in March 2006 and has
served as CFO since...
Feb 23, 2018
Sunoco offers $2.2B in notes as $3.3B 7-Eleven sale closesSunoco LP closed a private offering of $2.2 billion of senior notes, an upsize of $450 million of the original amount. The Energy Transfer partners MLP also closed its $3.3 billion sale of 1,100 convenience stores to 7-Eleven and outlines how it would use the proceeds.The Sunoco LP private offering comprises $1 billion in 4.875% notes due 2023, $800 million in 5.500% notes due 2026 and $400 million in 5.875% notes due 2028. The net proceeds from the offering will be used to redeem in...
Jan 30, 2018
Energy Transfer signs $5.0 billion in new revolving facilitiesEnergy Transfer Partners LP finalized new credit agreements on Dec. 1 under which lenders have committed to a $4.0 billion five-year revolving credit facility and a $1.0 billion 364-day revolving credit facility that will be unsecured and guaranteed by ETP’s Sunoco Logistics Partners Operations LP sub. The partnership’s prior borrowing base was $3.75 billion according to data compiled by PLS’ Capitalize platform.Applicable interest rate margins for the five-year revolver will be...
Dec 22, 2017
ETP signs $5.0 billion in new revolving facilitiesEnergy Transfer Partners LP finalized new credit agreements on Dec. 1 under which lenders have committed to a $4.0 billion five-year revolving credit facility and a $1.0 billion 364-day revolving credit facility that will be unsecured and guaranteed by ETP’s Sunoco Logistics Partners Operations LP sub. The partnership’s prior borrowing base was $3.75 billion according to data compiled by PLS’ Capitalize platform.Applicable interest rate margins for the five-year revolver...
Dec 15, 2017
People Briefs - June 01, 2018Gastar Exploration Inc. elected
Harry Quarls director effective May 14.
Quarls has been an independent director
on the Rosehill Resources board since
April 2017 and currently serves
as a director of Opal Resources
and as Chairman of SH130
Concessions Co. He is former
Chairman of Penn Virginia, US Oil
Sands and Trident Resources, and
a former managing director at Global
Infrastructure Partners and Booz & Co. Key Energy Services, Inc. named
SVP and CFO Marshall Dodson interim
CEO,...
Jun 01, 2018