Western Gas Partners LP closed its previously announced acquisition of Nuevo Midstream LLC. The $1.5 billion purchase price and certain purchase price adjustments were funded through the issuance of $750 million of Class C units to Anadarko Petroleum Corp., borrowings under the partnership's revolving credit facility and cash on hand, including the proceeds from the partnership’s November 2014 equity offering. Discussions with a third party regarding its potential 50% investment in Nuevo are ongoing, and the partnership has mutually agreed with the third party to extend the option period expiration date to no later than Dec. 19, 2014, to allow for additional evaluation of the opportunity.
The partnership also closed the issuance of 1,120,153 common units representing limited partner interests under the partial exercise of the 1,125,000 common unit over-allotment option granted to the underwriters in connection with its recent public offering of 7,500,000 common units. Aggregate net proceeds from the offering of approximately $602.9 million were used to partially fund the Nuevo acquisition.
Recommended Reading
SLB’s ChampionX Acquisition Key to Production Recovery Market
2024-04-19 - During a quarterly earnings call, SLB CEO Olivier Le Peuch highlighted the production recovery market as a key part of the company’s growth strategy.
PHX Minerals’ Borrowing Base Reaffirmed
2024-04-19 - PHX Minerals said the company’s credit facility was extended through Sept. 1, 2028.
BP Restructures, Reduces Executive Team to 10
2024-04-18 - BP said the organizational changes will reduce duplication and reporting line complexity.
Matador Resources Announces Quarterly Cash Dividend
2024-04-18 - Matador Resources’ dividend is payable on June 7 to shareholders of record by May 17.
EQT Declares Quarterly Dividend
2024-04-18 - EQT Corp.’s dividend is payable June 1 to shareholders of record by May 8.