Houston-based Kinder Morgan is cashing in its Canadian affiliate plus ownership in the Cochin pipeline through asset sales to Pembina Pipeline worth roughly $2.5 billion.
Analysts with Tudor, Pickering, Holt & Co. noted the sale of Quintana’s legacy conventional pressure pumping operations was a small deal but that it also highlighted a “prodigious valuation upside.”
Earthstone Energy CEO Frank Lodzinski urged attendees of a recent industry luncheon in downtown Houston to “bring us deals” as the company looks to continue its growth story.
The divestiture of the East Texas Pipeline follows a strategy set forth by Martin Midstream last year to delever the balance sheet and simplify its portfolio through noncore asset sales.
Anadarko Petroleum was the only corporate deal Occidental Petroleum considered since the company’s current leadership has been in place, says CFO Cedric Burgher.
Natural Gas Services Group, based in Midland, Texas, said it plans to finance the share buyback program with existing liquidity and free cash flow.
The independent E&P focused on the Eagle Ford joins a growing list of companies filing bankruptcy.
Pioneer Natural Resources recently divested a small slice of its acreage position in the Midland Basin, which CEO Scott Sheffield said will be the lone survivor of the U.S. shale boom.
Rivals, Occidental and Anadarko Petroleum, had agreed to the transaction, valued at $55 billion (including debt), in May following a bidding war with Chevron.