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Black Bear Roars with Success: Mississippi Gas Gathering Assets Sold
07/03/2023
Skye MS LLC purchased a package deal from Black Bear, which included over 120 miles of natural gas pipelines and eight active metered locations.
Black Bear Transmission LLC, based in Houston, successfully finalized the sale of gas gathering assets owned by BBT Mississippi LLC (BBT MS) to Skye MS LLC of Columbia, Mississippi. The specific amount of the transaction remains undisclosed.
BBT MS is the proud owner and operator of a fee-based, natural gas transmission system that efficiently supplies gas to utility, industrial, and power generation customers. It facilitates the connection of wellhead production in Mississippi to regional long-haul pipelines.
Based on the information available on Black Bear's website, BBT MS boasts an extensive asset portfolio, which includes:
- 1,405 miles of pipeline with a daily capacity of up to 830,000 MMBtu.
- The system is equipped with 8,101 horsepower of compression and has established 20 interstate pipeline connections.
- This asset sale encompasses a remarkable package, including over 120 miles of natural gas pipelines and eight operational metered locations.
- Transfer of over 700 miles of supply-driven gathering pipelines, along with 20 compressors and 250 metering stations.
Scott Langston, the senior vice president and chief commercial officer of Black Bear, highlighted the company's successful track record of transferring significant assets over the past three years.
“We will continue to identify and advance all opportunities to improve our business via corporate development and organic growth initiatives,” he said.
Divestiture in BBT MS Transaction
Black Bear CEO Rene Casadaban reiterates commitment to core business and safe, reliable service
In an ongoing effort to streamline their pipeline portfolio, Black Bear CEO Rene Casadaban emphasizes the significance of the BBT MS transaction. The divestment of non-core, production-focused assets aligns with the company's mission to maintain and expand their market-driven natural gas transmission network.
With ownership of 12 regulated natural gas pipelines spanning over 1,900 miles, Black Bear Transmission boasts a remarkable total delivery capacity exceeding 2.6 Bcf/d. These pipelines are seamlessly integrated into 18 major long-haul pipelines, effectively supplying customers in Alabama, Arkansas, Louisiana, Mississippi, Missouri, Oklahoma, and Tennessee.
About Black Bear Transmission
- Black Bear Transmission, LLC is a natural gas transportation company based in Houston, TX.
- They transport and deliver natural gas to utility, power generation, and industrial customers in the Southeast United States.
- The company owns and operates 12 regulated natural gas pipelines spanning over 1,900 miles.
- The total delivery capacity of these pipelines is more than 2.6 billion cubic feet (Bcf) per day.
- Black Bear's pipelines are connected to 18 major long-haul pipelines, ensuring a reliable gas supply to customers across seven states: Alabama, Arkansas, Louisiana, Mississippi, Missouri, Oklahoma, and Tennessee.
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Chord Energy Corp. Expands Williston Basin Footprint with $375 Million Acquisition from Exxon Mobil
Chord Energy Corp.'s subsidiary has entered into an agreement to purchase assets in the Williston Basin from Exxon Mobil, and its affiliates for $375 million. Chord Energy, a US independent company, is strategically expanding its presence in the Williston Basin of Montana and the Dakotas. While industry attention remains fixated on the Permian Basin, Chord Energy recognizes the potential of the Williston Basin and is capitalizing on the opportunity to enhance its reserve portfolio. Chord Energy successfully completed the acquisition of 62,000 acres in the Williston Basin from XTO Energy for a substantial cash consideration of $375 million.
Multi-Billion Dollar Deal: Ovintiv to Expand Midland Basin Portfolio with EnCap Acquisition and Exit Bakken
Ovintiv Strikes Billion-Dollar Oil Deal, Doubling Production in Permian Basin with EnCap's Black Swan, PetroLegacy, and Piedra Resources. The deal, which was approved unanimously by Ovintiv's board, is slated to close on June 30. With over $5 billion in transactions announced on April 3, Ovintiv is set to expand its oil production by snatching up 65,000 net acres in the core of the Midland Basin. The deal with EnCap will give them a strategic edge in Martin and Andrews counties, Texas, with approximately 1,050 net, 10,000-ft well locations added to their inventory.
Kinetik Holdings recently announced a series of transactions in the energy sector. They struck a deal to buy Durango Permian infrastructure for $765 million. At the same time, they're selling their 16% share in the Gulf Coast Express Pipeline to ArcLight Capital Partners for $540 million. The total purchase cost includes $510 million in cash paid immediately and an additional $30 million that will be paid later, depending on whether they decide to expand further.
Recently, the Permian has seen significant acquisitions: Exxon Mobil purchased Pioneer Natural Resources for about $60 billion. Diamondback Energy's $26 billion deal to acquire Endeavor Energy Resources is currently on hold due to requests from the U.S. Federal Trade Commission. Occidental’s acquisition of CrownRock for $12 billion in the Midland.
EOG Resources is pushing boundaries in Ohio's Utica oil play and now drilling on the Sable pad, also located in Noble County. This site features the 3.7-mile lateral currently under construction. The company's first multi-well pads in the area Timberwolf and Xavier have each produced over 200,000 barrels of oil since their inception—Timberwolf in August and Xavier in October. A third site, the four-well White Rhino pad in Noble County, is also showing promising early results, according to Keith Trasko, EOG’s Senior Vice President of Exploration and Production, who noted the wells are performing as expected in their initial weeks.