For about $925 million in a dropdown transaction, EnLink Midstream Partners LP (NYSE: ENLK) acquired a 25% equity interest in EnLink Midstream Holdings LP (EMH) from EnLink Midstream LLC (NYSE: ENLC), the company said Feb. 17.
ENLC is the general partner. About 31.6 million partnership units were issued to ENLC, and Dallas-based ENLK’s total equity interest is now 75%. ENLC owns the remaining 25% interest, the company said.
EMH owns the assets that Devon Energy Corp. (NYSE: DVN) contributed to ENLC March 2014, which include gathering and processing systems in North Texas and Oklahoma. The assets are supported by long-term, fixed-fee contracts with minimum volume commitments. The dropdown of the remaining 25% equity interest in EMH is expected to occur later in 2015.
Recommended Reading
Blackstone Buys NatGas Plant in ‘Data Center Valley’ for $1B
2025-01-24 - Ares Management’s Potomac Energy Center, sited in Virginia near more than 130 data centers, is expected to see “significant further growth,” Blackstone Energy Transition Partners said.
Cummins, Liberty Energy to Deploy New Engine for Fracking Platform This Year
2025-01-29 - Liberty Energy Inc. and Cummins Inc. are deploying the natural gas large displacement engine developed in a partnership formed in 2024.
SM Energy Marries Wildcatting and Analytics in the Oil Patch
2025-04-01 - As E&P SM Energy explores in Texas and Utah, Herb Vogel’s approach is far from a Hail Mary.
E&P Highlights: Feb. 3, 2025
2025-02-03 - Here’s a roundup of the latest E&P headlines, from a forecast of rising global land rig activity to new contracts.
Watch for Falling Gas DUCs: E&Ps Resume Completions at $4 Gas
2025-01-23 - Drilled but uncompleted (DUC) gas wells that totaled some 500 into September 2024 have declined to just under 400, according to a J.P. Morgan Securities analysis of Enverus data.