Energy Transfer has completed its previously announced acquisition of Crestwood Equity Partners, according to a Nov. 3 press release. The merger was approved by Crestwood unitholders at the company’s Oct. 30 special meeting.
Energy Transfer now owns and operates more that 125,000 miles of pipelines across the U.S.
Both companies’ combined operations are expected to generate initial annual run-rate cost and efficiency synergies of at least $40 million before additional anticipated benefits, the release stated.
According to the release, Crestwood’s common and preferred units ceased trading on the New York Stock Exchange effective Nov. 3. Crestwood common unit holders received 2.07 of Energy Transfer common units per Crestwood common unit.
The release added that each outstanding Crestwood preferred unit was either converted into a new preferred unit of Energy Transfer— including similar economic and structural protection terms—that is redeemed in exchange for $9.86 in cash plus accrued and unpaid distributions to the date of such redemption.
Or the Crestwood preferred unit is converted into a common unit at the then- applicable conversion ratio of one Crestwood common unit for ten preferred units—and such Crestwood common units then received the Common Unit Merger Consideration.
Recommended Reading
CEO: Coterra Drops Last Marcellus Rig, May Halt Completions
2024-09-12 - Coterra halted Marcellus Shale drilling activity and may stop completions as Appalachia waits for stronger natural gas prices, CEO Tom Jorden said at an industry conference.
Could UpCurve Be an M&A Target in Delaware Inventory Scramble?
2024-08-28 - On a shrinking list of private equity-backed Delaware Basin operators, UpCurve Energy’s CEO told Hart Energy there’s a “reasonable chance” the company’s Reeves County, Texas, assets will be sold off.
Midcon Momentum: SCOOP/STACK Plays, New Zones Draw Interest
2024-09-03 - The past decade has been difficult for the Midcontinent, where E&Ps went bankrupt and pulled back drilling activity. But bountiful oil, gas and NGL resources remain untapped across the Anadarko, the SCOOP/STACK plays and emerging zones around the region.
Finding Solutions in Unconventional Plays
2024-10-08 - How the industry is addressing the challenges and opportunities surrounding produced water.
Franklin Mountain Pulls Trigger on Gunbarrel’s 18-well Delaware Project
2024-09-05 - In August, Franklin Mountain Energy brought online its 18-well Gunbarrel project, targeting the Delaware Basin’s Third Bone Spring and Wolfcamp A, among other intervals.
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.