OFS - USA Compression to stress utilization over new units
- February 2020USA Compression Partners is focusing on utilization and capital discipline in 2020. The company has 56,500 hp on order for delivery in 2020, less than half of what it ordered for 2019, and it is only pursuing a “very select number of highly attractive projects with a few major customers,” CEO Eric Long said. “When we see periods of slowdown in growth capex … we focus on making sure that we’re able to maintain a high utilization of our existing fleet,” Long said during the 4Q19...
Feb 25, 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 - 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 - Earnings reports don’t thrill, & water is king in PE sector - November 2019Returning value to shareholders continues to be the energy C-suite buzzphrase as most companies releasing their Q3 earnings emphasized just what they’ve done for shareholders lately in the way of dividends and stock repurchases. Continental Resources is now part of the dividend-paying oil patch, announcing its first quarterly distributions to shareholders (PG.1). Earnings reports for Q3 were mainly off—Exxon Mobil (PG.7) earned less YOY at $3.7 billion, Hess Corp. widened its loss to $205...
Nov 15, 2019
CM - People & Companies - November 15, 20193Bear Energy, LLC named Craig Harris CEO to succeed founder Bob Clark, who will remain as chairman of the board. Harris is former EVP and COO of Enable Midstream Partners, and has held various managerial roles at Columbia Pipeline Group, Ni Source, and El Paso Corp. Antero Resources Corp. elected Vicky Sutil and Tom Tyree as Class III and Class I directors, respectively. Sutil was VP of commercial analysis for a California Resources Corp. marketing unit and also worked with Occidental...
Nov 15, 2019
CM - USA Compression Partners places $750MM in notes - March 2019USA Compression Partners, LP sold $750 million aggregate principal amount
of 6.875% senior unsecured notes due 2027 at 100 via a Feb. 21 private placement to
eligible purchasers under Rule 144A and Regulation S guidelines of the US Securities
& Exchange Commission. The partnership estimates that it will receive
net proceeds of nearly $738.5 million that it will use to repay a portion
of existing borrowings under its asset-based revolving credit facility and for general
partnership...
Mar 07, 2019
USA Compression Partners offering partner interests to publicUSA Compression Partners
LP offered 5.0 million common units
representing limited partner interests
held by USA Compression Holdings
LLC for total gross proceeds of $81.0
million before estimated offering
expenses. The partnership will not
receive any proceeds from the sale
of common units in the offering. J.P.
Morgan is acting as sole...
Jul 03, 2018
USA Compression launches $81MM equity saleUSA Compression Partners, LP
priced 5.0 million common units for public
sale on behalf of selling unitholder USA
Compression Holdings, LLC. The seller
expects to realize about $81.0 million
in gross proceeds. The partnership ill
receive no proceeds from the sale, which
is being underwritten by sole bookrunner
J.P. Morgan. The selling shareholder will
reduce its partnership stake to about 7.6
million units, or 8.5%, as a result of the...
Jun 21, 2018
USA Compression offering partner interests to publicUSA Compression Partners
LP offered 5.0 million common units
representing limited partner interests held
by USA Compression Holdings LLC
for total gross proceeds of $81.0 million
before estimated offering expenses.
The partnership will not receive any
proceeds from the sale of common units
in the offering. J.P. Morgan is acting as
sole...
Jun 19, 2018
USA Compressions completes $1.8B deal for ETO businessUSA Compression Partners
finished its acquisition of Energy
Transfer partners’ CDM compression
business for $1.8 billion in cash and
equity. USAC paid $1.232 billion in cash,
19.2 million USAC common units and 6.4
million USAC Class B units. Including
CDM’s 1.6 million horsepower increases
USAC’s fleet to 3.4 million horsepower.
In addition Energy Transfer Equity
completed its acquisition of USAC’s
general partner and 12.5 million USAC
common units for $250 million although
USAC intends to buy...
Apr 09, 2018
USA Compression issues $725MM in 2026 notesUSA Compression Partners
issued $725 million in senior unsecured
notes due 2026 in a private placement.
The net proceeds will be used to help
fund the purchase of CDM Resource
Management and CDM Environmental
& Technical Services. USAC agreed
in January to buy CDM from Energy
Transfer partners for $1.225 billion
in cash and almost $500 million in
USAC common...
Apr 09, 2018
USA Compression raises $725MM via notes for ETP asset buyAustin-based USA Compression Partners, LP placed $725 million of 6.875% senior unsecured notes due 2026 at 100 with private investors via JP Morgan and Barclays. The sale, expected to close March 23, will give the partnership almost $710.5 million in net proceeds that it will use to help pay for the nearly $1.7 billion purchase of CDM Resources Management and CDM Environmental & Technical Services from Energy Transfer Partners, LP. USAC will pay $1.225 billion in cash, 19,191,351...
Mar 28, 2018
FS buys $75MM in USA Compression preferred unitsUSA Compression Partners sold
$500 million perpetual preferred units
in an offering whose buyers included
the FS Energy and
Power Fund, managed
by Philadelphia alternative asset manager
FS Investments, according to a Jan. 23
FS-issued press release. The fund bought
about $75 million of the units. FS said
the transaction was originated by EIG’s
broker dealer affiliate EIG Global
Energy Partners Capital Markets.
FS President and CIO Mike Kelly said
involvement in the transaction “is a...
Feb 09, 2018
USA Compression Highlights - February 08, 2018USA Compression is acquiring
the compression business of
Energy Transfer partners for
$1.8B. The unit has 1.6MM hp of
compression in the Eagle Ford, Gulf
Coast, Rockies and Permian. This
increases USA’s fleet to 3.4MM...
Feb 08, 2018
MI - Finance Briefs - March 19, 2019Rimrock Energy Partners will use
proceeds from a new senior secured credit
facility of $200 million led by BOK Financial
to build out its Pierce gas gathering and
processing system in the northern DJ Basin. Atmos Energy Corp. offered $450
million in 4.125% senior unsecured notes
due 2049. The Dallas-based gas distributor
used the proceeds to repay $450 million
in 8.50% senior unsecured notes that
matured on March 15. USA Compression Partners closed
its private placement of $750...
Mar 19, 2019