Azure Midstream Energy LLC announced the successful completion of its acquisition of: 100% of Marlin Midstream GP LLC, Marlin Midstream Partners LP’s (Nasdaq: FISH) general partner; 90% of the general partner’s incentive distribution rights in Marlin; an option to acquire 20% of NuDevco Midstream Development LLCs 10.7 million limited partnership units in Marlin.
In a separate transaction, the partnership acquired Azure’s Legacy gathering system for $162.5 million in cash.
At closing, Azure used $95 million of proceeds from the Legacy contribution to reduce indebtedness on its term loan. Pro forma for the transaction, Azure has $428 million outstanding and a debt reduction goal of $200 million in 2015.
In addition to its ownership of Marlin, Azure provides gas gathering, compression, treating and processing services in north Louisiana and east Texas in the Haynesville and Bossier Shale formations.
Recommended Reading
Drilling Tech Rides a Wave
2024-01-30 - Can new designs, automation and aerospace inspiration boost drilling results?
Haynesville’s Harsh Drilling Conditions Forge Tougher Tech
2024-04-10 - The Haynesville Shale’s high temperatures and tough rock have caused drillers to evolve, advancing technology that benefits the rest of the industry, experts said.
Geothermal ‘Could Save the World,’ but Faces Familiar Subsurface Risks
2024-03-20 - CERAWeek panelists discussed hurdles to widespread use of Earth’s heat to generate power — problems familiar to oil and gas operators.
CERAWeek: Large Language Models Fuel Industry-wide Productivity
2024-03-21 - AI experts promote the generative advantage of using AI to handle busywork while people focus on innovations.
CERAWeek: AI, Energy Industry Meet at Scary but Exciting Crossroads
2024-03-19 - From optimizing assets to enabling interoperability, digital technology works best through collaboration.