Apache, Kayne Anderson shun MLP structure in launching $3.5B midstream company
Apache Corp.'s creation of a publicly traded midstream company with Kayne Anderson Acquisition Corp. not only provides a funding vehicle for the building of infrastructure for the budding Alpine High shale play but also serves as an explicit rejection of the master limited partnership model. Altus Midstream LP will include Apache's gathering, processing and transportation infrastructure in the Alpine High, a region of the West Texas Permian Basin that Apache is developing.
Canada's Keyera elbows its way into Cushing, Okla., liquids hub
Keyera Corp. will build a 4.5 million-barrel storage terminal in Cushing, Okla., as the Canadian midstream operator makes a foray into the U.S. midstream market. The Calgary, Alberta-based company plans to have its Wildhorse facility in service by mid-2020, Dean Setoguchi, who heads the Keyera's liquids business unit
Occidental Petroleum to divest Texas storage, export terminal to Moda Midstream
Occidental Petroleum Corp. agreed to divest its storage and export terminal, Oxy Ingleside Energy Center LLC, plus certain crude oil and LPG assets, to Houston, Texas-based liquids terminaling and logistics provider Moda Midstream LLC. The Ingleside Energy Center, or IEC, located near the mouth of Corpus Christi Ship Channel, provides crude oil and LPG producers and marketers access to global markets.
Cenovus to sell northern Alberta oil, gas assets to NuVista for C$625M
Canadian oil sands producer Cenovus Energy Inc. and one of its subsidiaries have inked a deal to sell its oil and natural gas assets in northwestern Alberta for C$625 million in cash. Calgary-based NuVista Energy Ltd. will buy Cenvous's Pipestone and Wembley natural gas and liquids business and its 39% stake in the Wembley gas plant. According to NuVista, the assets include production of about 9,600 barrels of oil equivalent per day and related infrastructure.