Oct. 28, 2014, 5:27 PM
- Western Gas Partners (WES, WGP) agrees to acquire Nuevo Midstream, a Delaware Basin gas gatherer and processor, for $1.5B.
- Nuevo's assets include a 300M cf/day cryogenic processing complex with an additional 400M cf/day of processing capacity scheduled to be in service in 2015, and 275 miles of gathering pipeline; more than 70% of Nuevo's gross margin is fee-based, and Western expects that following the acquisition more than 95% of its consolidated gross margin will be either fee-based or covered under its fixed-price agreements with Anadarko.
- Western expects the Nuevo acquisition to be accretive to its distributable cash flow per unit in 2015.
- Earlier: Q3 earnings
Feb. 27, 2013, 5:58 PM
Along with its Q4 results, Western Gas (WES) announces it's buying a 33.75% interest in Marcellus shale gas gathering systems from Anadarko (APC) for $490M, and a similar interest in Marcellus gathering systems from Chesapeake (CHK) for $133.5M. The assets have a combined throughput of over 1.2 Bcf/d. WES plans to to finance the purchases with $220M in cash on hand, credit facility borrowings, and the issuing of 449K shares at an implied price of $54.55. (PR)| Feb. 27, 2013, 5:58 PM | 1 Comment