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  1. DCP Midstream, DCP Midstream Partners announce merger

    DCP Midstream LLC , the Denver-based 50-50 joint venture of Phillips 66 and Spectra Energy Corp. , and DCP Midstream Partners LP (DMP) have signed a definitive merger agreement under which the companies will combine their businesses to form a new entity that, by late January, will be the largest NGL producer and gas processor in the US. On Jan. 23, the combined company will be renamed DCP Midstream LP and have an enterprise value of $11 billion, the companies said. As part of the Jan. 4 transaction, DMP acquired nearly all DCP Midstream assets, including a cash payment of $424 million as well as $3.15 billion of assumed debt, in exchange for about $1.125 billion worth of units in DMP. Phillips 66 and Spectra Energy will retain their 50-50 joint ownership of DCP Midstream, which owns the incentive distribution rights and 38% of outstanding DMP general and limited-partner units. The merger aligns with the companies’ goals of simplifying the corporate structure to combine operations into a diversified portfolio of assets that, unified, offers a platform for strong growth opportunities in key US-producing basins, said Wouter van Kempen, chairman, president, and chief executive of both DCP Midstream and DMP. New projects DMP also announced plans to advance several expansion projects, including construction of two 200-MMcfd cryogenic natural gas processing plants in the DJ basin, van Kempen said. The first plant, Mewbourn 3, is scheduled for startup by yearend 2018 and will be the company’s tenth plant in the DJ basin. A cooperative development plan with several key producers in the region to bring the second plant into service by mid-2019 also is in place. Once completed, the plants will have connections to the Front Range pipeline for NGL takeaway to Mont Belvieu, Tex., and will double the company’s overall processing capacity in the basin to 1.2 bcfd. DMP’s other projects in the region include completing the next phase of its Grand Parkway low-pressure gathering project and associated compression expansions by yearend 2018, including construction of additional field compression and plant bypass infrastructure that will add about 40 MMcfd of incremental capacity during summer 2017. DMP said it expects to invest as much as $395 million to complete its DJ basin plant and associated gathering projects. In the Delaware basin, the company confirmed it will expand takeaway capacity on its Sand Hills NGL pipeline by 85,000 b/d to the line’s full 356,000-b/d capacity. The newly combined entity, which owns two-thirds interest in Sand Hills, plans to invest $70 million to complete the project, with fellow Sand Hills owner Phillips 66 Partners LP to fund the proportionate share of its one-third interest. The Sand Hills expansion, which involves adding four pump stations and a pipeline loop, is scheduled to be operational in fourth-quarter 2017. Contact Robert Brelsford at rbrelsford@ogjonline.com .

    Online Articles

    Online Articles

    Fri, 6 Jan 2017

  2. SOCAR lets contract for grassroots gas, petchem complex

    State Oil Co. of Azerbaijan Republic (SOCAR) subsidiary SOCAR GPC has let a series of contracts to Technip SA, Paris, to deliver technology licensing and design work for a proposed grassroots gas processing and petrochemical complex to be built in Garadagh, Azerbaijan, 15 km south of Baku.

    Online Articles

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    Thu, 5 Jan 2017

  3. 1Derrick US M&A weekly update

    1Derrick gives OGFJ readers a snapshot of oil and gas industry M&A activity for the week of January 2nd to January 6th.  

    Online Articles

    Online Articles

    Mon, 9 Jan 2017

  4. NGL Energy Partners LP to offer senior notes due 2023

    NGL Energy Partners LP and its wholly owned subsidiary NGL Energy Finance Corp. intend to offer, subject to market and other conditions, $400 million in aggregate principal amount of senior notes due 2023.

    Online Articles

    Online Articles

    Tue, 18 Oct 2016

  1. Marex Spectron hires lead NGL broker

    Online Articles

    Online Articles

    Mon, 5 Dec 2016

  2. DCP Midstream to dropdown all remaining assets to DPM for $3.85B

    DCP Midstream LLC signed and closed a transaction combining all of its assets and debt with DPM, creating the largest natural gas liquids producer and gas processor in the US with a pro-forma enterprise value of approximately $11 billion.

    Online Articles

    Online Articles

    Wed, 4 Jan 2017

  3. Technip awarded a service contract for a new gas and petrochemical complex in Azerbaijan

    Technip has been awarded by SOCAR GPC a service contract for the ethylene and cryomax technology licenses respectively for a new gas and petrochemical complex located in Garadagh, Azerbaijan.

    Online Articles

    Online Articles

    Thu, 5 Jan 2017

  4. SM Energy to sell non-operated Eagle Ford assets for $800M

    SM Energy Co. has agreed to third party operated assets in the Eagle Ford to Venado Oil and Gas LLC, an affiliate of KKR, for $800 million.

    Online Articles

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    Tue, 3 Jan 2017

  5. PAA updates on asset sales, expands Canadian NGL business

    Plains All American Pipeline LP has provided an update on its 2016 planned asset sales and on the company’s agreement to acquire natural gas liquids ( NGL ) assets complementary to its existing operations in Canada.

    Online Articles

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    Tue, 5 Apr 2016

  6. NGL appoints Karlovich as new CFO

    NGL Energy Partners LP has appointed Robert W. “Trey” Karlovich III as the company’s executive vice president and CFO.

    Online Articles

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    Tue, 23 Feb 2016

  7. NGL enters into transaction with ArcLight Capital Partners

    NGL Energy Partners LP has entered into an agreement with an affiliate of ArcLight Capital Partners to sell TransMontaigne GP LLC for $350 million in cash.

    Online Articles

    Online Articles

    Mon, 11 Jan 2016

  8. NGL to acquire Magnum NGLs and its NGL storage assets

    NGL Energy Partners LP has entered into a definitive purchase agreement with Magnum Development LLC, a portfolio company of Haddington Ventures LLC, and other Haddington-sponsored investment entities to acquire Magnum NGLs LLC.

    Online Articles

    Online Articles

    Mon, 9 Feb 2015

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