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MidstreamIntelligence

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MidstreamIntelligence
The PLS MidstreamIntelligence Module covers news and analysis on the midstream sector. The purple banner report includes market information, news and analysis on gas gathering, marketing, pipelines, storage, midstream mergers, acquisitions, capital and corporate performance.

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MI - Enterprise considering Midland-to-ECHO 3 crude pipe - May 2019
Enterprise Product Partners filed initial permits for a third crude pipeline from Midland to its Enterprise Crude Houston terminal. Company executives confirmed the move after a Q1 earnings report that featured a record net income of $1.28 billion and a record 886,000 bo/d moving through its marine terminals in the quarter despite the ITC petrochemical fire in late March that temporarily closed the Houston Ship Channel. While the Permian Basin is in the midst of a crude takeaway crunch,...
May 21, 2019
MI - Marathon Petroleum merges Andeavor Logistics into MPLX - May 2019
MPLX, the logistics and pipeline subsidiary of Marathon Petroleum Corp., is acquiring diversified midstream logistics company Andeavor Logistics in a unit-for-unit transaction. Total consideration, including assumption of ANDX’s $5.01 billion debt and $600 million in preferred units, represents an enterprise value of $14.01 billion. The deal was widely expected after MPLX parent Marathon bought ANDX parent Andeavor for $35.6 billion last year. ANDX operates throughout the Western and...
May 21, 2019
MI - IFM buying Buckeye for $10.3B as PE wave continues - May 2019
IFM Investors is acquiring Buckeye Partners in a $10.3 billion deal, consisting of $6.5 billion in cash and the assumption of $3.8 billion in debt and working capital. The Buckeye acquisition is the latest example of private equity firms seeing value in the midstream sector and the second-largest midstream deal of the year behind only the MPLX-Andeavor Logistics combo (PG.1). “The trends toward more stability and self-funding in the public equity markets have weakened public company...
May 21, 2019
MI - Cameron LNG gets moving with first exports set for Q2 - May 2019
Sempra energy’s Cameron LNG export project in Hackberry, Louisiana, started production from the first liquefaction train. The first cargo is expected to go out this quarter, several months after Sempra expected to have all three 4 mtpa trains operating, and with its construction JV of McDermott and Chiyoda having spent hundreds of millions of dollars more than expected. “Reaching this important milestone of first LNG production is truly a credit to the team at Cameron LNG and the work they’ve...
May 21, 2019
MI - PSXP’s Gray Oak cost rises, but pipeline remains on time - May 2019
The cost of the 900,000 bo/d Gray Oak pipeline out of the Permian Basin increased 23% to $2.7 billion, JV leader Phillips 66 Partners said during a Q1 earnings call. The pipeline remains on target to go into service in Q4. Gray Oak ran into cost pressures for fuel, labor rates and right of way, COO Rosy Zuklic said, but the 850-mile pipeline to the Texas Gulf Coast is progressing with 98% of right of way acquired. Gray Oak will connect to multiple terminals in Corpus Christi, including...
May 21, 2019
MI - ET pulls plug on Permian Gulf Coast crude pipeline - May 2019
Energy Transfer admitted that its Permian Gulf Coast crude pipeline will not happen. Instead, it will move to other projects, including an expansion on its Bakken pipeline. The company also said it is looking at a crude supertanker project for its facility in Nederland, Texas. CFO Tom Long’s announcement that ET is “no longer pursuing” PGC was expected. Another PGC partner, Magellan Midstream Partners, said in a March filing with the Securities and Exchange Commission it had removed the PGC...
May 21, 2019
MI - Magellan thinks Midland crude is the boost Voyager needs - May 2019
Magellan Midstream Partners expects enough shipper interest to proceed with the Voyager pipeline, a JV project with Navigator Energy Services that will deliver crude from Cushing to Magellan’s terminal in east Houston, now that it is offering a Midland origin point as well. Magellan also reported Q1 earnings that featured record distributable cash flow of $318 million but a 7.3% YOY decrease in revenue to $629 million. In a March filing with the Securities and Exchange Commission, Magellan said...
May 21, 2019
MI - Keystone XL pipeline to miss 2019 construction season - May 2019
TC Energy’s Keystone XL crude pipeline will be delayed another year, as a federal court injunction in Montana and a Nebraska Supreme Court case continue to stall the $8 billion project. The 1,179-mile pipeline will miss the 2019 construction season, liquids pipelines EVP Paul Miller said during a Q1 earnings call on May 3. The call was conducted just hours after shareholders approved Transcanada’s name change to TC Energy. TC will “continue to work on some construction preparation...
May 21, 2019
MI - Meritage adding 200 MMcf/d cryo to Powder River Basin - May 2019
Meritage Midstream Services II will more than double its gas processing capacity in the Powder River Basin. Subsidiary Thunder Creek Gas Services is constructing a 200 MMcf/d cryogenic processing plant in Converse County, Wyoming. Known as Steamboat I, the new plant is expected to come into service early Q3, bringing Meritage’s total processing capacity in the basin to 380 MMcf/d. The Steamboat complex is large enough to accommodate two additional 200 MMcf/d cryo plants as customer demand...
May 21, 2019
MI - Meritage adding 200 MMcf/d cryo to Powder River Basin - May 2019
Meritage Midstream Services II will more than double its gas processing capacity in the Powder River Basin. Subsidiary Thunder Creek Gas Services is constructing a 200 MMcf/d cryogenic processing plant in Converse County, Wyoming. Known as Steamboat I, the new plant is expected to come into service early Q3, bringing Meritage’s total processing capacity in the basin to 380 MMcf/d. The Steamboat complex is large enough to accommodate two additional 200 MMcf/d cryo plants as customer demand...
May 21, 2019

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