Average yield on U.S. junk-rated energy companies rose to more than 12% Aug. 24, Bank of America Merrill Lynch data said- the highest level since the financial crisis, Reuters said.
Almost all of the weakness was from the U.S. market, where BMO, Canada's fourth-largest bank, has a significant presence. U.S. energy companies tend to have more debt, Reuters said.
Denver-based Evolution was launched in July and provides greenfield and strategic acquisition solutions to operators in the Rockies, Bakken Shale, Permian Basin, Midcontinent and Appalachia.
Charlesbank Capital Partners, EIG Global Energy Partners and Tailwater Capital provided the commitment. Southcross plans to complete an Eagle Ford midstream asset dropdown every four to six months.
Citigroup Global Markets Inc., Mizuho Securities USA Inc., Mitsubishi UFJ Securities (USA) Inc. and UBS Securities LLC are joint book-running managers. Net proceeds will repay outstanding commercial paper program borrowings.
Eric Shaw, RWE’s global head of principal investments, said the company looks forward to seeing First River’s growth in the midstream market. First River recently acquired Texas Gathering Co.
After a comment during a recent Plains All American earnings call, analysts reevaluate the outlook for U.S. midstream infrastructure needs.
Brent below $50 a barrel means new projects and existing operations require more cuts. Companies trying to shed oil fields could be forced to sell quickly for less, Reuters said.
This is the third commitment EnCap has made to a Rangeland company, bringing the total to more than $600 million since Rangeland’s formation in late 2009. Rangeland II focuses on the Delaware Basin.
SUN paid $966.9 million in cash and issued ETP's subsidiaries about 21.98 million units valued at about $966.9 million. SHC will be owned by SUN's indirect wholly owned subsidiary.
After a two-for-one split, common units began trading on the New York Stock Exchange July 27. Going forward, the quarterly distribution amount will reflect the split.
EVX develops oil and natural gas, and also develops produced-water gathering, processing, treatment and transportation assets, in the Permian Basin, Eagle Ford Shale and Midcontinent.