Monday, May 6, 7:47 AM
Crestwood Midstream Partners (CMLP) announces a merger with Inergy (NRGY) and Inergy Midstream (NRGM) to form an entity with an enterprise value of ~$7B. The merger will be implemented through a series of transactions, and CMLP CEO Robert Phillips will lead the combined company. NRGY +4% premarket.
1 Comment[Energy, M&A, On the Move]
Thursday, April 18, 4:58 PM
The developers of the proposed 120-mile Commonwealth natural gas pipeline in eastern Pennsylvania - Inergy Midstream (NRGM), UGI Corp. and WGL Holdings (WGL) - say the project is being suspended indefinitely; no reason is provided.
Wednesday, April 10, 5:35 PM
Barclays sees the growth in crude oil rail transport as a “slight positive” for MLPs, as it provides terminal investment opportunities and potential synergies partially offset by increasing competition. The financial impact of rail on MLPs is still relatively modest, the firm says, as pipelines remain the dominant mode of U.S. crude transportation due to cost and safety advantages relative to rail, barge and truck.
Wednesday, November 21, 2012, 12:29 PM
Inergy Midstream (NRGM) is cut to Neutral while Inergy (NRGY) is raised to Outperform from Neutral at Robert W. Baird, Briefing.com reports. The firm thinks NRGM is poised to accelerate growth via acquisitions and capital spending, and expects NRGY's transformation into a high-growth standalone play to accelerate over the next 12-18 months.
1 Comment[Energy, Quick Ideas]
Tuesday, November 20, 2012, 7:48 AMInergy Midstream (NRGM): FQ4 EPS of $0.17 misses by $0.06. Revenue of $47.5M (+9% Y/Y) misses by $5M. (PR)
Monday, November 5, 2012, 11:55 AM
Inergy Midstream (NRGM +2.2%) agrees to acquire Rangeland Energy, owner and operator of the COLT crude oil rail terminal, storage, and pipeline facilities in North Dakota's Bakken and Three Forks shale areas, for $425M. NRGM will sell $225M of common units in a private placement and has obtained committed unsecured debt financing to fund the acquisition. NRGY +4.1%.
Comment![Energy, M&A, On the Move]
Monday, May 14, 2012, 11:58 AM
Inergy (NRGY -1%) passes the salt, selling its 100% membership interest in US Salt to Inergy Midstream (NRGM -0.4%) for $192.5M. Inergy is shifting its focus from the retail sale of natural gas to the midstream business, which includes the transportation and storage of gas; US Salt mines for salt, leaving caverns that can be used to store natural gas.
Friday, January 27, 2012, 11:41 AM
Inergy (NRGY -16.8%) says it is evaluating its operating businesses and is in the process of major cost reductions in its propane units, after reporting distributable cash flow for 2011 covered only 68% of its dividend payments. NRGY leaves its latest distribution the same as previous quarters but says it will consider resetting them to a more sustainable level. NRGM -3%.
Comment![Energy, On the Move]