Detroit-based diversified DTE Energy Co. opened a public offering of 12 million equity units, the company said Sept. 28. The proceeds will be used to purchase midstream natural gas assets.
Each equity unit will be issued in a stated amount of $50 and will consist of a contract to purchase common stock and an undivided beneficial ownership interest in a remarketable $1,000 senior note.
The underwriters will likely receive an option to purchase 1.5 million additional units to cover overallotments.
Wells Fargo Securities, Citigroup and J.P. Morgan are joint book-running managers.
Recommended Reading
Global Partners Buys Four Liquid Energy Terminals from Gulf Oil
2024-04-10 - Global Partners initially set out to buy five terminals from Gulf Oil but the purchase of a terminal in Portland was abandoned after antitrust concerns were raised by the FTC and the Maine attorney general.
ONEOK CEO: ‘Huge Competitive Advantage’ to Upping Permian NGL Capacity
2024-03-27 - ONEOK is getting deeper into refined products and adding new crude pipelines through an $18.8 billion acquisition of Magellan Midstream. But the Tulsa company aims to capitalize on NGL output growth with expansion projects in the Permian and Rockies.
EIG’s MidOcean Energy Acquires 20% interest in Peru LNG
2024-02-08 - On top of acquiring a 20% interest in Peru LNG, MidOcean Energy is also in the process of acquiring interests in four Australian LNG projects.
Dallas Fed Energy Survey: Permian Basin Breakeven Costs Moving Up
2024-03-28 - Breakeven costs in America’s hottest oil play continue to rise, but crude producers are still making money, according to the first-quarter Dallas Fed Energy Survey. The situation is more dire for natural gas producers.
SCF Acquires Flowchem, Val-Tex and Sealweld
2024-03-04 - Flowchem, Val-Tex and Sealweld were formerly part of Entegris Inc.