In what could be part of a trend identified by Cowen & Co., White Star Petroleum LLC said Aug. 15 that it has sold its interest in a midstream gathering system and associated assets to Oklahoma City-based 4 AM Midstream LLC, a midstream company founded this year.
The Mid-Continent region assets are in the Oklahoma counties of Logan, Noble and Payne and include 253 miles of gas gathering pipelines—including 26 miles of high pressure lines—and 214 miles of crude oil gathering pipelines. In connection with the transaction, White Star and 4 AM signed 20-year crude and gas gathering agreements covering a defined dedication area.
“The divestiture of these non-core assets strengthened White Star’s balance sheet, which provides the company with additional flexibility to invest capital in its core upstream operations and continue to create value for its investors,” Elliot J. Chambers, White Star’s CEO, said in a statement.
White Star is majority owned and controlled by an affiliate of The Energy & Minerals Group. Porter Hedges LLP acted as legal adviser to White Star.
Recommended Reading
Enterprise Declares Quarterly Cash Distribution
2024-01-08 - Enterprise Products Partners’ distribution will be paid Feb. 14 to common unitholders of record by Jan. 31.
XGS Energy Secures $9.7MM in New Financing
2024-01-23 - XGS Energy's latest funding round will demonstrate the commercial readiness and scalability of its new thermal reach enhancement technology.
Green Swan Seeks US Financing for Global Decarbonization Projects
2024-02-21 - Green Swan, an investment platform seeking to provide capital to countries signed on to the Paris Agreement, is courting U.S. investors to fund decarbonization projects in countries including Iran and Venezuela, its executives told Hart Energy.
TurningPoint Energy Names Naini as President
2024-01-09 - Salar Naini, who previously served as executive vice president of business development for TurningPoint, will lead the company’s daily business operations.
Energy, Freight Analytics Firm Vortexa Raises $34 Million
2024-01-08 - The investment brings the total amount raised by Vortexa since its inception to more than $60 million.