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EnLink Midstream Partners, LP (ENLK)

  • Mon, Mar. 23, 6:26 PM
    • EnLink Midstream Partners (NYSE:ENLK) agrees to acquire the Victoria Express Pipeline and related truck terminal and storage assets in a dropdown transaction from Devon Energy (NYSE:DVN) for total consideration of ~$210M.
    • The deal includes $171M in cash, 338K ENLK common units and the assumption of $30M-$40M in certain construction costs to expand the system to full capacity.
    • The pipeline, which became operational in Q3 2014, transports condensate from DeWitt County, Tex., to the Port of Victoria; current capacity is ~50K bbl/day, to be expanded to 90K bbl/day.
    • ENLK says the transaction marks the first dropdown from DVN and expects such deals to play a significant role in its future growth.
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  • Mon, Feb. 2, 8:28 AM
    • EnLink Midstream Partners (NYSE:ENLK) agrees to acquire Coronado Midstream, which owns natural gas gathering and processing facilities in the Permian Basin, for ~$600M.
    • Coronado operates three cryogenic gas processing plants and a gas gathering system in the North Midland Basin including 175M cf/day of processing capacity, and construction of an additional 100 Mcf/day of processing capacity and gathering system expansions of the system are currently underway.
    • ENLK expects the acquisition to be neutral to distributable cash flow per unit in the near-term but that increased activity around Coronado's system will generate significant accretion in distributable cash flow per unit over the next few years.
    • ENLK says it has announced ~$1B in acquisitions during slightly more than four months.
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  • Sep. 29, 2014, 8:56 AM
    • EnLink Midstream Partners (NYSE:ENLK) and EnLink Midstream (NYSE:ENLC) agree to acquire Gulf Coast natural gas pipeline assets including the Bridgeline system in southern Louisiana from Chevron (NYSE:CVX) for $235M.
    • The assets include ~1,400 miles of natural gas pipelines spanning from Beaumont, Tex., to the Mississippi River corridor and ~11B cf of working natural gas storage capacity in southern Louisiana.
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  • Oct. 21, 2013, 2:51 PM
    • "It's an epic deal," R.W. Baird analyst Ethan Bellamy says of plans to combine Devon's (DVN +4.2%) midstream operations with Crosstex (XTXI +59.4%; XTEX +37.7%) to form a publicly traded MLP that will combine the companies' pipelines, processing plants, rail terminals and other oil and natural gas infrastructure.
    • "Devon is getting out of the gates on their midstream standalone business much bigger and stronger and potentially at investment-grade status right away," the analyst says, adding the combination also is "fantastic" for Crosstex.
    • The Devon-Crosstex combo will be larger and more formidable than DVN's midstream assets would be in its own company; DVN expects the new business to bring $700M in earnings in 2014 vs. $425M it had expected via a standalone MLP.
  • Oct. 21, 2013, 9:14 AM
    • Devon Energy (DVN), Crosstex Energy (XTXI) and Crosstex Energy LP (XTEX) agree to combine substantially all of Devon’s U.S. midstream assets with Crosstex’s assets to form a new midstream business consisting of two publicly traded entities: the general partner entity and an MLP.
    • The combination of Devon’s and Crosstex’s midstream systems, including gathering and transportation pipelines, and processing, fractionation and logistics assets, will provide the new company with diversification and scale, along with an enhanced liquids-oriented growth profile.
    • Assets are located in several of North America’s major oil and gas regions, including the Barnett Shale, Permian Basin, Cana and Arkoma Woodford, Eagle Ford, Haynesville, Gulf Coast, Utica and Marcellus.
    • DVN +2.5% premarket.
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Company Description
EnLink Midstream Partners LP provides midstream energy services, including gathering, transmission, processing, fractionation and marketing, to producers of natural gas, NGLs, crude oil and condensate.
Country: United States