(Source: Shutterstock.com)
Enterprise Products Partners (EPD) has completed its $950 million acquisition of Piñon Midstream, a company focused on sour-gas processing in southeastern New Mexico, EPD announced Oct. 28 in a press release.
Enterprise paid for the acquisition with cash. Piñon was formerly part of Black Bay Energy Capital’s portfolio. The Houston-based companies announced the deal in August.
Piñon’s acid gas injection (AGI) system is located in Lea County. It’s the largest facility in an area of growing oil and gas production and injects gas about 18,000 ft below the surface. The Environmental Protection Agency has permitted two gas wells at the site for a total of 20 MMcf/d of CO2 and hydrogen sulfide injection.
At the time of the purchase, Enterprise said it was considering a third well at the facility.
Piñon Midstream retained Piper Sandler & Co. as its financial adviser and Kirkland & Ellis LLP as its legal advisor, while Locke Lord LLP and Sidley Austin LLP served as legal advisers to Enterprise during the process.
Recommended Reading
Pembina Closes $290MM Deal for Stake in Whitecap’s NatGas Facility
2025-01-02 - Pembina Gas Infrastructure closed a CA$420 million transaction to acquire interests in Whitecap Resources’ natural gas processing facility in Alberta, Canada.
One Equity Partners Completes Acquisition of EthosEnergy
2025-01-02 - Private equity firm One Equity Partners said it purchased EthosEnergy to meet the growing maintenance needs of the gas power market.
EQT Closes $1.25B Non-Op Appalachia Divesture to Equinor
2024-12-31 - EQT Corp. said the proceeds of the sale to Equinor were used to repay outstanding borrowings under its revolving credit facility related to its acquisition of Equitrans Midstream Corp.
Coterra Notches Year-End Permian Deal for $43MM
2024-12-31 - Coterra Energy will buy an additional 1,650 net royalty acres from Sandia Minerals LLC, the interests of which are owned by Franklin Mountain Royalty Investments, for $43 million.
PE Firm Northleaf to Divest Interests in Spanish Solar Farm
2025-01-02 - Private equity firm Northleaf Capital Partners acquired a controlling interest in the NCP Solar Mula farm in 2018.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.