Wed, May 13, 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 AMPlains 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. | Comment!
Dec. 5, 2012, 7:57 AMPlains 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) | 1 Comment
Apr. 17, 2012, 10:17 AM
Dec. 1, 2011, 8:45 AM
Oct. 24, 2011, 3:36 PMPlains 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. | Comment!
Oct. 24, 2011, 8:35 AMPlains 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. | Comment!
PAA vs. ETF Alternatives
Plains All American Pipeline LP is engaged in the transportation, storage, terminalling and marketing of crude oil and refined products, as well as in the processing, transportation, fractionation, storage and marketing of natural gas liquids.
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