Midstream majors Shell and Phillips buy additional equity interest in Explorer Pipeline Co.
Smaller upstream M&A transactions drive overall rise in second-quarter 2016, but midstream deals topple from perch, PwC report says.
The pipeline company said on July 28 that the process of engaging advisers has been completed for the asset sales, and that it was in the initial stages of soliciting interested parties.
The JV comes about six months after Golar and Schlumberger said they signed a memorandum of understanding.
The Dallas company sold substantially all of its assets, which included about 95,000 net acres and 380 miles of associated gathering and processing infrastructure in North Louisiana and North Texas, to Aethon United for an undisclosed amount.
Husky Energy created a new midstream LP after jettisoning part of its stake in select midstream assets in the Lloydminster region of Alberta and Saskatchewan for C$1.7 billion.
Tulsa, Oklahoma-based Williams, whose deal with Energy Transfer Equity fell through last month, is working with Barclays Plc and Toronto Dominion Bank on the sale, the sources said.
Sanchez Energy’s recent midstream divestiture provides the Houston company additional firepower to expand its territory in the Eagle Ford.
The move will give Valero increased access to the eastern U.S. by connecting the pipeline to Colonial Pipeline Co.'s system that runs from Houston to New York Harbor. The company didn't disclose the price it paid.
If the acquisition materializes, it will be the third in the energy sector involving CPPIB in recent weeks, Reuters reported.
IEnova said it would pay a minimum of $1.108 billion for the stake, less than the $1.325 billion it pledged to pay last July, Reuters reported.
Jim Lelio, TopSail’s CEO, said that the company plans to have a long-term national processing arrangement and will construct several regional locations for this plan across the U.S. over the next 18 months.