Yahoo Finance (Bloomberg) — Oneok Inc. agreed to buy Magellan Midstream Partners LP in a $18.8 billion cash-and-stock transaction that would create one of the largest US oil and natural gas pipeline operators. The deal will see each Magellan stakeholder receive $25 in cash and 0.667 shares of Oneok stock per unit, representing a 22% premium to closing prices on
By Tyler Losier, Energy Reporter, Oil & Gas 360 Magellan Midstream prices $500 million of its 3.950% senior notes due 2050 Magellan Midstream Partners LP (stock ticker: MMP), based out of Tulsa, Oklahoma, has priced $500 million of its 3.950% senior notes due 2050 at 99.910% of par to yield 3.955% to maturity. Proceeds from the offering, after deducting underwriting
From Reuters The operators of two new pipelines in West Texas shale fields are offering discounted prices to attract shippers accustomed to high fees to move oil to export hubs, according to the pipeline companies and federal filings. These bargain rates, in one case half the initial published rate, will aid strapped oil producers that once had to sell their
By Tyler Losier, Energy Reporter, Oil & Gas 360 New Ft. Laramie origin point announced, open season launched Saddlehorn Pipeline Company, owned in part and operated by Magellan Midstream (stock ticker: MMP), is planning to expand its Saddlehorn pipeline to a new origin point in Fort Laramie, Wyoming, which would subsequently increase the system’s capacity by up to 100,000 BOPD.
By Tyler Losier, Energy Reporter, Oil & Gas 360 Riverstone Credit-backed company adds 6.5 million barrels of crude storage capacity Converge Midstream LLC, a crude oil storage and transportation company backed by Riverstone Credit Partners, has completed the acquisition of assets being sold off by Fairway Energy Partners, LLC as part of its chapter 11 restructuring. Fairway, after filing a
From Bloomberg Over two million barrels a day of new pipe capacity planned, Storage capacity at Cushing could reach 100 million barrels America’s largest oil hub in Cushing, Oklahoma, is growing even as producers and traders look to move surging West Texas production to the coast for export. The U.S. petroleum industry is planning to build about 4.8 million barrels
By Tyler Losier, Energy Reporter, Oil & Gas 360 Chansoo Joung joins Tulsa, Oklahoma Company Magellan Midstream Partners, L.P. announced this morning that it has elected Chansoo Joung as an independent board member, effectively immediately. Previously, Joung worked in the energy sector of the finance industry as a partner and senior advisor for Warburg Pincus LLC from 2005 to
ExxonMobil, Plains All American and Lotus Midstream formalize Wink to Webster crude oil pipeline JV and order 650 miles of pipe Wink to Webster Pipeline to transport more than 1 million barrels of crude oil and condensate per day Expected in-service by first half of 2021 The Wink to Webster Pipeline LLC Joint Venture (JV) has ordered nearly 650 miles of
Magellan Midstream and Navigator Energy Services Launch Open Season for Potential Cushing-to-Houston Crude Oil Pipeline
From Reuters Magellan Midstream Partners LP on Wednesday projected it would spend about $2 billion to construct a proposed crude oil pipeline from the Permian Basin in West Texas to the U.S. Gulf Coast. “We have binding commitments that give us very attractive economics. But what we don’t know is the full demand,” which would dictate the project’s final cost,
Magellan Midstream Partners, L.P. (NYSE: MMP) announced an additional expansion of the western leg of its refined petroleum products pipeline system in Texas. Magellan had previously announced its plans to expand the capacity of this line segment to approximately 150,000 barrels per day (bpd) from its current capacity of 100,000 bpd. Based on additional committed volume received as part of
From PR News Wire Magellan Midstream Partners, L.P. (NYSE: MMP) announced today a new open season to solicit additional commitments from shippers to potentially further expand the western leg of its refined petroleum products pipeline system in Texas. Binding commitments are due from interested customers by 5:00 p.m. Central Time on July 11, 2018. Magellan previously announced it is expanding
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