Thursday, January 11, 2018 11:00:24 AM
Zacks Equity Research
January 5, 2018
https://finance.yahoo.com/news/tallgrass-makes-2-acquisitions-significant-184006823.html
Midstream oil firm Tallgrass Energy Partners, LP TEP has recently reported that the partnership has agreed to make two acquisitions through its subsidiary, Tallgrass Terminals LLC. The firm has also taken a few commercial development steps to increase its bouquet of various services.
Pawnee Terminal Acquisition and Others
The partnership will buy 51% membership interest in the crude oil terminal at Pawnee, CO from Zenith Energy for around $31 million. The terminal serves as an injection point of the partnership's Pony Express Northeast Colorado Lateral (“NECL”) with a storage capacity of 300,000 barrels of crude oil. The NECL has around 90,000 barrels per day (bpd) minimum volume commitments. The deal will provide NECL with commercial and operational synergies and also benefit the adjacent crude oil producers. The deal is expected to be closed in the first quarter of 2018.
Apart from this acquisition, Tallgrass made a commercial development and an extension to further more diversify the services offered by NECL. Through a successful binding open season, Tallgrass secured shipper contracts for the 55-mile pipeline extension. Operation on the 40,000 barrels per day extension is expected to begin in April 2018.
Moreover, crude shippers of NECL drafted around 325,000 barrels per day consignment for January 2018, numerically, the highest per day in a month so far. Additionally, Tallgrass' Holly Frontier El Dorado and CHS McPherson, Kan. refinery connections are ready for use and coming online this month only. This will enable the clients to ship more than 300,000 barrels per day to the refineries connected to NECL.
Deeprock North Acquisition
For $19.5 million, Tallgrass Terminals acquired 38% stake in Deeprock North, LLC, which holds a crude oil terminal in North Cushing, OK. The terminal is contiguous to the crude oil terminal facility of Deeprock Development, LLC, a subsidiary of Tallgrass Terminals. The deal helped Deeprock Development merge with Deeprock North. Tallgrass Terminals currently holds about 60% of the combined entity, enabling it to possess a large and diverse terminalling complex. Following the merger, the complex now has a total storage capacity of 4 million barrels.
"Then there was a woman, a lion of a woman."
Recent TEP News
- Telecom Plus PLC Total Voting Rights • RNS Regulatory News • 04/30/2024 11:47:28 AM
- Telecom Plus guides for profit at upper end of expectations • Alliance News • 04/30/2024 10:00:48 AM
- Telecom Plus PLC Year End Trading Update and Notice of Results • RNS Regulatory News • 04/30/2024 06:00:07 AM
- Telecom Plus PLC Total Voting Rights • RNS Regulatory News • 03/28/2024 01:34:22 PM
- Telecom Plus PLC Block listing Interim Review • RNS Regulatory News • 03/13/2024 07:00:10 AM
- Telecom Plus surpasses one million customers • Alliance News • 03/06/2024 10:00:26 AM
- Telecom Plus PLC Telecom Plus Passes One Million Customer Milestone • RNS Regulatory News • 03/06/2024 07:00:05 AM
- Telecom Plus PLC Total Voting Rights and Share Capital • RNS Regulatory News • 03/01/2024 01:10:50 PM
- Telecom Plus PLC Total Voting Rights and Share Capital • RNS Regulatory News • 01/31/2024 12:49:12 PM
- Telecom Plus PLC Transaction in Own Shares • UK Regulatory • 01/10/2024 07:00:00 AM
- Telecom Plus PLC Transaction in Own Shares • UK Regulatory • 01/09/2024 07:00:00 AM
- Telecom Plus PLC Transaction in Own Shares • UK Regulatory • 01/08/2024 07:00:00 AM
- Telecom Plus PLC Transaction in Own Shares • UK Regulatory • 01/05/2024 07:00:00 AM
- Telecom Plus PLC Transaction in Own Shares • UK Regulatory • 01/04/2024 07:00:00 AM
- Telecom Plus PLC Transaction in Own Shares • UK Regulatory • 01/03/2024 07:00:00 AM
- Telecom Plus PLC Total Voting Rights • UK Regulatory • 01/02/2024 02:18:00 PM
- Telecom Plus PLC Transaction in Own Shares • UK Regulatory • 12/29/2023 07:00:00 AM
- Telecom Plus PLC Transaction in Own Shares • UK Regulatory • 12/28/2023 07:00:00 AM
- Telecom Plus PLC Transaction in Own Shares • UK Regulatory • 12/27/2023 07:00:00 AM
- Telecom Plus PLC Transaction in Own Shares • UK Regulatory • 12/22/2023 07:00:00 AM
- Telecom Plus PLC Transaction in Own Shares • UK Regulatory • 12/21/2023 07:00:00 AM
- Telecom Plus PLC Transaction in Own Shares • UK Regulatory • 12/20/2023 07:00:00 AM
- Telecom Plus PLC Transaction in Own Shares • UK Regulatory • 12/19/2023 07:00:00 AM
- Telecom Plus PLC Transaction in Own Shares • UK Regulatory • 12/15/2023 07:00:00 AM
- Telecom Plus PLC Transaction in Own Shares • UK Regulatory • 12/14/2023 07:00:00 AM
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • ELEM • May 8, 2024 9:05 AM
Kona Gold Beverages, Inc. Achieves April Revenues Exceeding $586,000 • KGKG • May 8, 2024 8:30 AM
Epazz plans to spin off Galaxy Batteries Inc. • EPAZ • May 8, 2024 7:05 AM
Moon Equity Holdings, Corp. Announces Acquisition of Wikolo, Inc. • MONI • May 7, 2024 9:48 AM