Sep. 3, 2015, 12:38 PM
- Holly Energy Partners (HEP +0.3%) agrees to acquire Enbridge’s (ENB +2.8%) 50% stake in the Frontier Pipeline for an undisclosed amount.
- The Frontier pipeline is a 296-mile crude oil route that runs from Casper, Wyo., to Frontier Station, Utah, and has a capacity of 72K bbl/day; the line brings Canadian and Rocky Mountain crude oils south to refineries in the Salt Lake City area.
- Plains All American (PAA +1.5%) owns the remaining 50% interest and will continue to operate the Frontier line.
May 13, 2015, 3:49 PM
- Energy MLPs are trading with mixed results, which is not in line with an analyst's expectation that several names in the space may be outperformers today after Williams Cos. (WMB +6.2%) agreed to buy Williams Partners (WPZ +22.7%).
- In an earlier note to investors, Credit Suisse named Plains GP Holdings (PAGP +1%), Targa Resources (TRGP +1.1%), NuStar GP Holdings (NSH -0.1%) and Western Gas Equity (WGP -0.7%) as MLPs that could climb on the news.
- Meanwhile, Wells Fargo says the deal is positive, since it reduces the WMB's cost of capital, will immediately increase its profits, and enhances its dividend growth outlook.
- Among major energy MLPs: EPD -1.5%, ETP +0.9%, PAA +0.2%, EEP -0.2%, MWE +2.2%, MMP -0.3%.
Nov. 6, 2014, 7:43 AM
- Plains All American Pipeline (NYSE:PAA) agrees to acquire Occidental Petroleum's (NYSE:OXY) 50% stake in BridgeTex Pipeline for $1.075B.
- PAA says the acquisition of the new 300K bbl/day crude oil pipeline running from the Permian Basin to the Houston Gulf coast area will strengthen its access to the Gulf coast.
- Magellan Midstream Partners (NYSE:MMP), which owns the remaining 50% interest in BridgeTex, is buying the southern leg of the pipeline system running from Houston to Texas City for $75M.
- OXY says the deals are part of its attempt to streamline its business.
Mar. 4, 2014, 10:43 AM
- Utilities that meet takeover criteria outlined by Warren Buffett this weekend for another “major” acquisition after paying more than $5B last year for electricity provider NV Energy include Wisconsin Energy (WEC +1.8%) and Alliant Energy (LNT +1.1%), Bloomberg speculates.
- WEC and LNT operate in states with favorable regulatory environments, and LNT is expanding into renewable energy, which Buffett has signaled could be a focus for large investments, according to Morningstar; pipeline MLPs such as Plains All American (PAA) and MarkWest Energy (MWE) also could appeal to Buffett, a Baird analyst says.
- Berkshire Hathaway (BRK.A, BRK.B) “is likely looking at a lot of small, regulated utilities that have a lot of growth on the table where his low cost of capital is an incredible advantage,” Morningstar's Mark Barnett says.
Oct. 22, 2013, 7:57 AM
- Plains All American Pipeline (PAA) agrees to acquire PAA Natural Gas Storage (PNG) through a unit-for-unit exchange which will make PNG a wholly-owned subsidiary of PAA.
- PNG's public unitholders will receive 0.445 common units of PAA per PNG common unit; PAA's August bid had offered 0.435 of its units for each PNG unit.
- PAA currently owns ~46% of PNG and also owns its general partner.
- The transaction is expected to result in ~14.7M additional common units being issued by PAA.
- PAA -3.2% AH.
Aug. 27, 2013, 5:38 PM
- PAA Natural Gas Storage (PNG) +6.7% AH after receiving a buyout proposal from Plains All American Pipeline (PAA) for all outstanding publicly held common units through a unit-for-unit exchange.
- The proposed consideration represents a value of $22.74/unit based on the trailing 10-day average closing price of PAA's common units through Aug. 26.
Dec. 13, 2012, 8:30 AM
Plains All American (PAA) acquires Eagle Ford crude oil and condensate gathering assets from a subsidiary of Chesapeake Energy (CHK) for ~$125M. The acquired assets include ~40 miles of crude oil and condensate gathering pipelines with a throughput capacity of ~50K bbl/day; 150K barrels of existing storage capacity and 300K barrels of capacity under construction. PAA +1.8% premarket.| Dec. 13, 2012, 8:30 AM
Dec. 5, 2012, 7:57 AM
Plains All American Pipeline (PAA) agrees to acquire crude oil rail terminals from U.S. Development Group for $500M in a deal that is expected to close by the end of the month. The assets include terminals in Texas, North Dakota and Colorado that have a combined loading capacity of 85K bpd. (PR)| Dec. 5, 2012, 7:57 AM | 1 Comment
Apr. 17, 2012, 10:17 AM
Dec. 1, 2011, 8:45 AM
Oct. 24, 2011, 3:36 PM
Plains All American (PAA +1.8%) defends its takeover bid of rival SemGroup (SEMG) saying a merger will deliver greater value to shareholders than any of the company's other alternatives and create "significant value for synergies". Shares of SemGroup are up 17.4%. Updated 3:41 p.m.: SemGroup confirms it is rejecting Plains' offer.| Oct. 24, 2011, 3:36 PM
Oct. 24, 2011, 8:35 AM
Plains All American (PAA) has gone hostile in its attempt to acquire fellow oil pipeline owner SemGroup (SEMG), offering to acquire all outstanding shares for $24/share in cash. Given the offer represents only a slight premium to SemGroup's Friday close, it might only be meant as a starting point for negotiations.| Oct. 24, 2011, 8:35 AM