The joint venture between midstream operators Sunoco and Energy Transfer’s crude gathering in the Permian Basin should prove to be mutually beneficial, analysts say.
Summit Midstream also announced July 17 a proposed offering of $500 million in aggregate principal amount of new senior secured second lien notes due 2029.
The consensus is that the Permian Basin needs another major gas pipeline soon. Midstream companies are trying to figure out when … and who will make the move.
Arbiters ruled that TC Energy had no case because NAFTA, under which the Canadian company planned the pipeline extension, was no longer in effect when the Biden administration canceled the project in 2021.
Perma-Pipe International Holdings Inc. has been awarded $10 million’s worth of new contracts in Saudi Arabia, most of which will be delivered in the third quarter.
Energy Transfer LP and Sunoco LP have formed a partnership that will operate more than 5,000 miles of crude oil and water gathering pipelines in the Permian Basin with crude oil storage capacity in excess of 11 MMbbl.
Energy Transfer's deal adds approximately 6,000 miles of complementary gas gathering pipelines from WTG Midstream Holdings, extending Energy Transfer’s reach into the Midland Basin.
The midstream M&A market typically follows the E&P sector by a few months. But some aspects of the market are different this time around.
The ADCC Pipeline will source volumes from the Permian Basin, Eagle Ford Shale and Texas Gulf Coast for transport to Cheniere’s Corpus Christi LNG facility.
Martin Resource Management, which in May proposed buying spinoff Martin Midstream Partners, responded to two capital firms’ counteroffer made public July 11 by saying it’s not interested.