Upstream IPOs: Private Equity Cashes Out
Despite the underperformance of SPDR Oil & Gas Exploration & Production (NYSE: XOP) this year because of concerns about the outlook for energy prices and surging US production, several upstream operators have completed initial public offerings and more remain on the docket. Here are our takes.
Deal Flow Accelerates In Cotton Valley And Haynesville Shale
Enterprise Products Partners LP’s acquisition of Azure Midstream Partners LP’s gas-gathering and -processing assets marked the latest in a series of deals involving assets in the resurgent Haynesville Shale and the emerging Cotton Valley play. We explore what it all means and whether it’s worth placing a bet.
IPO Analysis: PennTex Midstream Partners LP (NYSE: PTTX)
PennTex Midstream Partners LP’s initial asset base will consist of gas-gathering pipelines and -processing plants in Northern Louisiana that operate under long-term contracts with primary customer, Memorial Resource Development Corp. Here our take on whether this prospective publicly traded partnership is worth your while.
Memorial Resource Development Corp: Half a General Partner
Besides its exploration and production operations, Memorial Resource Development Corp also owns a 50 percent interest in Memorial Production Partners LP’s incentive distribution rights, a management fee that a MLP pays to its general partner.
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Elliott and Roger on Oct. 29, 2019
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Experts
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Elliott H. Gue
Founder and Chief Analyst: Capitalist Times and Energy & Income Advisor
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Roger S. Conrad
Founder and Chief Analyst: Capitalist Times and Energy & Income Advisor