The midstream is getting a little bigger, thanks to some emerging new transportation, storage and processing companies. Isis Energy LLC is the most recent addition to the space, after being formed in mid-July with a $150 million commitment from EnCap Flatrock Midstream.
Isis will focus on the transportation, storage and distribution of crude oil and related products. It will provide rail and waterborne services to the U.S. and Canada, the company said in a release. Isis will be led by A.J. Brass, the former president of Gulf Coast Asphalt Co. LLC. Brass has more than 20 years of industry experience.
“Our strategy is to continue to provide a high-touch customer relationship style,” Brass said in a public statement. “We work closely with our customers to develop creative solutions that meet their logistical, marketing and distribution needs. “With EnCap Flatrock’s financial strength and experience, we believe we have a great opportunity to build a highly successful company.”
Meanwhile, the name of another new midstream company has been revealed. OGE Energy Corp. and CenterPoint Energy Inc. announced that they will name their recently formed pipeline company Enable Midstream Partners LP. The midstream partnership includes CenterPoint Energy’s interstate pipelines and field services businesses and OGE’s midstream business, Enogex LLC. All told, Enable Midstream has combined assets of nearly $11 billion in nine states.
Elsewhere, equity issuances were plentiful during the past month. EQT Midstream Partners LP raised $479 million through the public offering of 11 million common units priced at $43.50 each. As well, QEP Midstream Partners LP could raise as much as $420 million through an initial public offering. Its common units were priced at $21 per share.
The largest equity issuance came from Williams Partners LP, which closed a $1.2 billion public offering in August of 24.7 million common units priced at $49 per unit. Williams said in a release that it plans to use proceeds to repay debt, for general partnership purposes and to fund capital expenditures.
Western Gas Partners, meanwhile, accumulated $250 million in debt through the issuance of 2.6% senior notes due 2018.
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