Signs of some strengthening in midstream capital markets were reinforced by the spin-off of BP Midstream Partners LP (NYSE: BPMP) from its integrated parent. However, even a top-tier issuer like BP encountered market resistance, with BP Midstream pricing its IPO at $18 per common unit, down from an expected initial offering price of $19 to $21 per unit.

BP Midstream issued 42.5 million shares at the reduced price, resulting in 40.6% of limited partner interests in the MLP being held in public hands. BP Midstream realized gross proceeds of $65 million from the offering. If the overallotment option is exercised in full, 46.7% of limited partner interests would be held by the public.

By way of a special purpose acquisition company (SPAC), Sentinel Energy Services Inc. (NASDAQ: STNLU), also went public, pricing 30 million units at a price of $10 per unit. Sentinel is led by chairman Andrew Gould, previously CEO of Schlumberger Ltd. (NYSE: SLB), and CEO Krishna Shivram, formerly CEO of Weatherford International. Proceeds will be used to consummate an initial business combination.

In follow-on offerings, Denver-based SRCI Energy Inc. (NYSE: SRCI) issued 35 million shares at $8 each, a discount from the prior day close of $9.07. Gross proceeds of about $280 million, or roughly $322 million with the full overallotment, are to finance part of the purchase from Noble Energy Inc. (NYSE: NBL) of 30,200 net acres adjacent to the company’s existing acreage in Weld County in Wattenberg Field.

Given cash consideration of $568 million for the assets, SRCI Energy also announced a private offering of $550 million of senior unsecured notes due November 2025. Proceeds are to be used to help fund the acquisition, for general corporate purposes and the redemption or repurchase of its existing 9% senior notes due 2021.

Earthstone Energy Inc. (NYSE: ESTE), based in The Woodlands, Texas, priced an offering of 4.5 million shares of its Class A common stock at $9.25 each for total net proceeds of approximately $39.2 million. Proceeds are earmarked for repaying outstanding indebtedness under the company’s revolving credit facility.

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