Natural gas pipeline under construction. (Source: Shutterstock)
Western Midstream announced the closing of its acquisition of Meritage Midstream Services II LLC on Oct. 13.
The purchase, announced in early September for $885 million, was paid for with cash on hand and a $600 million issuance of senior grade notes, according to a statement from Western.
With the acquisition, Western takes over privately held Meritage’s natural gas gathering and processing business in the Powder River Basin of Wyoming, with approximately 1,500 miles of high- and low- pressure natural gas pipelines. The lines are supported by more than 1.4 million dedicated acres controlled by a diverse set of investors.
Western believes expanding its footprint in the Power River Basin is a strong move, considering the steady development of the area by E&P companies, President and CEO Michael Ure said when the acquisition was announced.
Recommended Reading
Exxon Mobil Completes Purchase of FPSO Offshore Guyana
2024-12-19 - Exxon Mobil Corp. paid $535 million to SBM Offshore for the FPSO, which will operate the unit through 2033.
Surge Energy Balancing M&A Hunt with Testing Midland’s Shallow Zones
2024-12-05 - Surge Energy’s Travis Guidry discusses the potential for $1.3 billion in Permian Basin M&A and the company’s quest to grow inventory organically.
TransMontaigne Announces Two Facility Sales Totaling $210MM
2025-01-23 - Two wholly-owned subsidiaries of TransMontaigne Partners LLC have agreed to the sale of terminal facilities in Florida and Virginia.
BP, Pulling Back from Renewables, Enters $5.8B JV with JERA
2024-12-10 - The 50-50 joint venture with JERA takes shape as BP pulls back from renewables to focus on higher returns and cash flow generation.
Japan’s Toyo to Buy Houston Area Solar Module Production Facility
2024-11-26 - Toyo says it plans to start production of 1 GW of annual module capacity by mid-2025 and reach 2.5 GW by the end of 2025.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.