MarkWest Energy Partners, L.P. (NYSE:MWE) acquired certain Midstream Assets in the Anadarko Basin from Chesapeake Energy Corporation (NYSE:CHK) for $245 million in cash on May 8, 2013. The acquired assets consist of a cryogenic gas processing plant and gas gathering pipeline in Texas and approximately 30 miles of rights-of-way associated with the future construction of a high-pressure trunk line. Additional assets consist of an amine treating facility and a gas gathering ... pipeline in Oklahoma. In conjunction with the acquisition, MarkWest has executed long-term, fee-based agreements with Chesapeake for gas gathering, compression, treating, and processing services.
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EQT Corporation (NYSE:EQT) signed a definitive agreement to acquire 99,000 Net Acres in Southwestern Pennsylvania and 10 Horizontal Marcellus Wells from Chesapeake Energy Corporation (NYSE:CHK) and its partners for approximately $110 million on May 3, 2013. Of the total purchase price, $60 million is allocated to the undeveloped acreage, while the remaining $53 million is for the existing Marcellus wells. The transaction is expected to close on May 30, 2013. The transaction ... will not have a significant impact to EQT Corporation's 2013 capital budget or sales volume guidance.
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Southwestern Energy Production Company signed a definitive purchase agreement to acquire natural gas properties located in Pennsylvania Prospective for the Marcellus Shale from Chesapeake Energy Corporation (NYSE:CHK) and Statoil ASA (OB:STL) for approximately $93 million on April 25, 2013. Upon closing, Southwestern intends to use its revolving credit facility to finance the acquisition. The transaction is subject to closing conditions. The transaction is expected to ... close on or around May 15, 2013. Jefferies LLC acted as financial advisor to Chesapeake Energy Corporation (NYSE:CHK) and Statoil ASA (OB:STL).
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The Board of Directors of Gastar Exploration, Ltd. (AMEX:GST) authorized a share repurchase program on April 1, 2013. Under the program, the company will repurchase 6,781,768 shares, representing 9.9% of its outstanding common shares, for $9.77 million. The shares will be repurchased at a price of $1.44 per share, based on a twenty day moving average price as of March 22, 2013. The company will make the repurchases from Chesapeake Energy Corporation (NYSE:CHK) and constitutes ... Chesapeake Energy's entire holding in the company. The repurchase is expected to be funded from a combination of company's available borrowings under its revolving credit facility, proceeds from the possible sale of its East Texas assets and the issuance of debt or preferred stock. The closing of the stock repurchase is subject to satisfaction of customary closing conditions and delivery of the stock repurchase price on or before June 7, 2013.
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Western Gas Partners LP (NYSE:WES) agreed to acquire Larry’s Creek, Seely and Warrensville Gas Gathering Systems from Chesapeake Energy Corporation (NYSE:CHK) for approximately $130 million on February 27, 2013. In a related transaction, Western Gas Partners LP agreed to acquire Liberty and Rome gas gathering systems from Anadarko Petroleum Corporation (NYSE:APC) for total consideration of $490 million. Western Gas Partners will fund the acquisition with borrowings on ... its revolving credit facility. The acquisition is expected to close by March 15, 2013. The transaction will be immediately accretive to Western Gas Partners, with the acquisition price representing an approximate 9.7 times multiple of the assets’ forecasted 2013 EBITDA. Ray Strong, Eric Bauer, Alex Jeffries and Amit Bushan of Evercore Partners acted as the financial advisor and Gregory M. Bopp, Gary W. Orloff, Aaron P. Roffwarg, R. Daniel Witschey, Elizabeth B. Behncke and Jeffrey H. Gilbert of Bracewell & Giuliani LLP acted as the legal advisors to special committee of the Board of Directors of Western Gas Partners. Hillary Holmes and Jonathan Bobinger of Baker Botts LLP acted as legal advisor for Evercore.
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Sinopec International Petroleum Exploration & Production Corporation agreed to acquire 50% stake in net oil and natural gas leasehold acres in the Mississippi Lime play for $1 billion in cash on February 25, 2013. Approximately 93% of the total consideration will be received upon closing. Payment of the remaining proceeds will be subject to certain customary title contingencies. The deal is expected to close in the second quarter of 2013. David A. Katz and Nelson O. ... Fitts of Wachtell, Lipton, Rosen & Katz; Reginald Brown and Benjamin Powell of Wilmer Cutler Pickering Hale and Dorr LLP and Ray Lees of Commercial Law Group PC acted as legal advisors for Chesapeake Energy Corporation. Jefferies & Company, Inc. acted as financial advisor for Chesapeake.
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Plains All American Pipeline, L.P. (NYSE:PAA) acquired Eagle Ford infrastructure assets from Chesapeake Energy Corporation (NYSE:CHK) for approximately $130 million on December 13, 2012. The acquired assets include 40 miles of crude oil/condensate gathering pipelines, 150,000 barrels of existing crude oil and condensate storage capacity and 300,000 barrels of storage capacity under construction and a truck unloading terminal. The acquired assets are complementary to ... and will be connected with Plains All American Pipeline’s existing crude oil and condensate gathering systems.
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