Partners

The first liquefied natural gas (LNG) exports from Sempra Energy’s Cameron, LA, facility have been pushed to 2019 because of issues related to engineering, procurement and construction (EPC), executives said Friday.

The buyout arm of private equity giant TPG Capital is taking over Discovery Midstream Holdings LLC, a Denver-Julesburg (DJ) Basin operator with a natural gas gathering and processing system underway that would serve Colorado operators.

The general partner ofPennTex Midstream Partners LP has recommended that its unitholders accept a tender offer of $20/unit from Energy Transfer Partners LP (ETP) for all of the partnership’s outstanding common units. PennTex has assets in North Louisiana. Last fall, ETPannounced a $640 million deal to acquire an interest in the assets, which serve Range Resources Corp., among other producers. PennTex received the unsolicited offer from ETP last month.

Energy Transfer Partners LP (ETP) unitholders have voted to approve a merger with Sunoco Logistics Partners LP. ETP said 88% of its units voted in favor of the deal, which is expected to close on Friday (April 28). Sunoco said in November it would acquire ETP in an all-stock deal valued at nearly $20 billion to create the nation’s second largest midstream master limited partnership by enterprise value. The combined company is keeping the ETP name. The deal comes about five years after ETP acquired Sunoco Inc. in a $5.3 billion deal.

Hess Corp. announced the initial public offering (IPO) Monday for units of Hess Midstream Partners LP, a master limited partnership (MLP) focused on midstream operations in North Dakota’s Williston Basin.

Williams (WMB) and Williams Partners LP (WPZ) Monday afternoon said they have agreed to an incentive distribution rights (IDR) waiver transaction worth about $11.4 billion, bolstering WPZ’s credit rating and lowering its cost of capital. WMB also said it has identified further noncore assets to be sold and announced a public offering of 65 million common shares.

Houston-based Hi-Crush Partners LP, which provides northern white sand to pressure pumpers across North America, has secured partners to help fund an innovative logistics company for the proppant industry.

Cheniere Energy Inc.has offered to buy the remaining shares of Cheniere Energy Partners LP Holdings LLC it does not already own in a stock exchange. Cheniere is offering 0.5049 Cheniere shares for each outstanding publicly-held shares of Cheniere Partners Holdings as part of a transaction that would be structured as a merger of Cheniere Partners Holdings with a subsidiary of Cheniere. The offer represents a value of $21.90/share of Cheniere Partners Holdings, or a premium of 3.0% based on Thursday’s closing price. Cheniere Partners Holdings owns a 55.9% limited partner interest in Cheniere Energy Partners LP. Cheniere Partners Holdings’ only business consists of owning Cheniere Partners units and, accordingly, its results of operations and financial condition are dependent upon the performance of Cheniere Partners. “We believe the proposed transaction is attractive to investors in Cheniere Partners Holdings who, as new LNG [Cheniere Energy Inc.] shareholders, would have the opportunity to participate in the future success of the entire Cheniere complex,” said Cheniere Energy Inc. CEO Jack A. Fusco. “In addition, shareholders of Cheniere Partners Holdings would receive an attractive premium over its recent trading levels and a significant increase in the trading liquidity of their investment.”

Williams cut its quarterly dividend to 20 cents from 64 cents and outlined plans to strengthen its balance sheet and credit profile as it builds out large-scale infrastructure to capitalize on growing demand for natural gas.