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“We are pleased to secure this long-term processing agreement that effectively fills SemCAMS Wapiti Gas Plant and helps ensure the plant will operate in the most efficient and cost effective manner,” said Dave Gosse, SemCAMS’ Vice President and General Manager. “This agreement underscores the need for our Wapiti Gas Plant and the unique services we are able to offer customers with our existing pipelines and sour gas processing plants. With the Wapiti plant essentially fully contracted, we are increasing our focus on the Pipestone area development and look forward to continuing our work with producers and the community to safely and efficiently develop the Montney formation.”
In the fall, SemCAMS received Alberta Energy Regulator approval to construct a 280 mmcf per day sour gas plant in the Pipestone area. The new plant will be connected to the Wapiti Gas Plant via the Pipestone pipeline, which is currently under construction and is expected to begin gathering gas from the Pipestone area in the fourth quarter of 2019. The pipeline is designed to provide operational synergies and efficiencies to both the Wapiti plant and the Pipestone plant through SemCAMS integrated pipeline and gas plant system.
https://finance.yahoo.com/news/long-ter ... 00022.html
Under the terms of the joint venture, SemGroup will contribute the shares and assets of its Canadian subsidiary, SemCAMS, valued at C$1.15 billion (US$860 million), in exchange for C$615 million (US$460 million) cash proceeds and 51% common equity ownership in SemCAMS Midstream. KKR will contribute C$515 million (US$385 million) of cash in exchange for 49% of the common equity ownership. KKR will also contribute C$300 million (US$224 million) to acquire perpetual preferred equity. In addition, the joint venture will enter into a C$800 million (US$598 million) underwritten bank credit facility.
http://ir.semgroupcorp.com/press-releas ... fault.aspx
Markedly, Tulsa-based midstream player SemGroup will be contributing all the assets and shares of its SemCAMS unit (which is valued at $860 million) in exchange for 51% ownership in the JV, along with $460 million of cash proceeds. KKR will contribute $385 million for a 49% stake in common equity. Further, it will contribute another $224 million for the ownership of perpetual preferred equity. The transaction is set for closure in the first quarter of 2019.
Notably, the assets to be acquired include a portfolio of 195 million cubic feet per day (MMcf/d) of natural gas processing capacity along with 200 MMcf/d gas processing expansion, which is presently under construction. The assets also comprise 101 miles of gas gathering pipelines, 38 miles of oil gathering pipelines, along with 18 miles of emulsion and gas lift pipelines in the Montney play.
The acquisition of Meritage Midstream will bolster SemGroup’s Montney footprint by the addition of complementary assets and service offerings. Along with boosting the company’s portfolio, the transaction will deleverage and strengthen the balance sheet of SemGroup on the back of the cash proceeds of the JV.
While the transaction is likely to boost the future growth of SemGroup, the company is currently reeling under many challenges. The Supply & Logistics segment of the firm, which is currently plagued by continued pressure on differentials in the key markets, is likely to drag SemGroup down. As it is, the company has narrowed its EBITDA guidance to the band of $385-$400 million. SemGroup has also lowered its targeted annual payout growth rate to a minimum of 5% till 2019, significantly lower than the prior guidance of 10%.
https://uk.finance.yahoo.com/news/semgr ... 02211.html