Regency Energy Partners LP, which serves as a platform for GE Energy Financial Services’ growth in the midstream sector, has slashed its 2009 and 2010 growth plans and sharply reduced its planned pipeline infrastructure project for the emerging Haynesville Shale.
Midstream
Articles from Midstream
Market Turmoil Forces Regency to Cut Haynesville Pipe Plans
Regency Energy Partners LP, which serves as a platform for GE Energy Financial Services’ growth in the midstream sector, on Monday slashed its 2009 and 2010 growth plans and sharply reduced its planned pipeline infrastructure project for the emerging Haynesville Shale.
Industry Briefs
Houston-based Eagle Rock Energy Partners LP agreed to pay $236 million to acquire privately held Millennium Midstream Partners LP (MMP), a natural gas gathering and processing business whose operations are based in Texas. MMP, based in The Woodlands, TX, a Houston suburb, is backed by Kayne Anderson Energy Development Co., Tortoise Capital Resources Corp., WFC Holdings Corp. (an affiliate of Wells Fargo Bank NA) and an entity controlled by the partnership’s original founders, all of which would receive Eagle Rock units as partial consideration. The largest of MMP’s gathering systems is in East Texas, with more than 260 miles of gathering pipelines in Polk, Angelina, Nacogdoches, Cherokee, Rusk and Smith counties. MMP’s Central Texas system has more than 235 miles of gathering pipelines in Grimes, Waller, Harris, Washington and Austin counties. Its West Texas system is spread across more than 100 miles of gathering pipes in Crockett County. The East Texas assets are near to and connect with Eagle Rock’s Indian Springs and Camp Ruby assets, the partnership noted. Together the assets in East Texas would encompass 1,114 miles of gathering and processing assets, Eagle Rock stated. Of the purchase price, $181 million is to be paid in cash, and the remainder would be covered by issuance of Eagle Rock common units to the sellers at an implied value of $13.75/unit. The transaction is to close in October pending financial conditions.
Eagle Rock to Pay $236M for Millennium Midstream
Houston-based Eagle Rock Energy Partners LP agreed to pay $236 million to acquire privately held Millennium Midstream Partners LP (MMP), a natural gas gathering and processing business whose operations are based in Texas.
DCP Boosting Weld County, CO, Processing Capacity
DCP Midstream LLC (DCP) will “significantly” expand natural gas gathering and processing facilities in northeast Colorado to support growing production, the company said. The plan includes capacity additions to the Mewbourne and Lucerne processing plants, both located in Weld County.
Copano Seeking Growth From Producer Momentum, ‘Bolt-On’ Deals
Houston-based midstream player Copano Energy LLC posted second quarter net income that was 74% greater than the year-ago period, $23.2 million (40 cents/unit) compared to $13.3 million (31 cents) a year ago. Credited for the improvement are abundant gas supplies and favorable commodity prices.
Copano Seeking Growth From Producer Momentum, ‘Bolt-On’ Deals
Houston-based midstream player Copano Energy LLC posted second quarter net income that was 74% greater than the year-ago period, $23.2 million (40 cents/unit) compared to $13.3 million (31 cents) a year ago. Credited for the improvement are abundant gas supplies and favorable commodity prices.
Inergy Announces Open Season for Marc I Hub Line
In an effort to better serve Northeast shippers, Inergy LP subsidiary Inergy Midstream LLC announced that it is conducting a nonbinding open season on its Marc I Hub Line for shippers seeking to move gas bi-directionally between Inergy’s Stagecoach South Lateral pipeline, Tennessee Gas Pipeline Co.’s (TGP) 300 Line and Transcontinental Gas Pipeline Corp.’s (Transco) Leidy Line.
Inergy Announces Open Season for Marc I Hub Line
In an effort to better serve Northeast shippers, Inergy LP subsidiary Inergy Midstream LLC announced that it is conducting a nonbinding open season on its Marc I Hub Line for shippers seeking to move gas bi-directionally between Inergy’s Stagecoach South Lateral pipeline, Tennessee Gas Pipeline Co.’s (TGP) 300 Line and Transcontinental Gas Pipeline Corp.’s (Transco) Leidy Line.
Anadarko’s Midstream Partnership Debuts
Western Gas Partners LP, the midstream partnership formed last year by Anadarko Petroleum Corp., had a modest debut Friday in an overall down day for the stock market. The initial public offering (IPO) opened and closed at the same price: $16.50/unit.