A three way partnership between UGI Corp. and Vitality Spectrum Companions portfolio firm Stonehenge Vitality Sources III LLC has accomplished the acquisition of Superior Midstream Appalachian LLC from Superior Midstream.
Superior Appalachian owns and operates the Brookfield, Pittsburgh Mills and Snow Shoe gathering techniques in Pennsylvania. The Pittsburgh Mills system hyperlinks to UGI’s Huge Pine gathering system.
Situated in Tioga County, Brookfield delivers to Nationwide Fuels Z20S by a 3rd occasion, in response to data on Superior Midstream’s web site.
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Pittsburgh Mills, situated within the counties of Allegheny and Butler, contains compression and dehydration amenities. Supply from right here is by way of Huge Pine and Dominion TL-469.
Snow Shoe, in Centre County, interconnects with Dominion PL-1 and faucets on TETCO. It additionally has compression and dehydration amenities.
The acquired belongings contribute a mixed every day circulation of about 190 million cubic ft a day to Pine Run Gathering, the three way partnership owned 51 % by Stonehenge and 49 % by UGI subsidiary UGI Vitality Companies LLC.
All of the acquired belongings have long-term acreage dedications, a joint assertion by the brand new house owners stated Monday.
Pine Run Gathering retains Superior Appalachian’s employees, in response to the assertion.
The acquisition was priced $120 million, topic to customary changes.
“This acquisition underscores our optimism about the way forward for our business and the power of our partnerships with UGI and Vitality Spectrum”, commented Stonehenge president and chief government Patrick Redalen.
UGI president and chief government Bob Flexon stated, “The belongings are extremely complementary to our present midstream footprint and can prolong our attain from producers by to end-use clients, demonstrating our dedication to discover further progress alternatives throughout the midstream enterprise”.
Baker Botts LLP and Vinson & Elkins LLP served as authorized counsel to Pine Run Gathering, whereas BOK Monetary served as administrative agent. Cadence Financial institution and Residents Financial institution served as joint lead arrangers.
Westminster, Colorado-based Stonehenge holds stakes in midstream amenities within the Appalachian Basin, which straddles a number of states within the jap U.S.
King of Prussia, Pennsylvania-based UGI has operations within the U.S. and Europe spanning midstream providers and fuel and energy distribution.
To contact the writer, e-mail jov.onsat@rigzone.com
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