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Midstream IntelligenceVolume 12, No. 09July 03, 2019

VERMILION PH., LA WI FOR SALE5-Wells. 2-Producing. 1-PDNP. 2-SWD.PROLIFIC SOUTH LOUISIANA PPBAYOU HEBERT & TIGRE LAGOONLower Cris R Production.BEHIND PIPE POTENTIAL~242-Net Acres. All Held By Production. HBP

~8.3% NonOperated WI & 6.0% NRINet Production: 74 BOPD & 2,209 MCFDGross Prod: 1,361 BOPD & 40,366 MCFDHIGH BTU And PREMIUM NGL SALESRecent Net Cash Flow: ~$467,450/MnOFFERS WANTED BY JULY 18, 2019PP 2072DV

KERN CO., CA ASSETS FOR SALE4-Leases. 66 Wells. Plus Facilities62-PDP. 4-SWD. 1,014 NET ACRES (HBP) PPSAN JOAQUIN BASIN.EDISON, KERN BLUFF, & MOUNT POSOHeavy Crude Oil API Between 15° - 20° >60

100% OPERATED WI; Avg. ~86% NRI BOPD

Net Production: 66 BOPD6-Mn Avg Net Cash Flow: ~$72,140/MnCONTACT AGENT FOR MORE INFOPP 5129DV

DEALS FOR SALE

ET applies to boost Dakota Access to 1.1 MMbo/d

Energy Transfer intends to increase

the capacity of the Dakota Access pipeline

to 1.1 MMbo/d, a project that would

eliminate much of a crude

takeaway shortage that has

developed in the Bakken. The

proposal sent to North Dakota’s Public

Service Commission would increase

the capacity to just below the state’s

entire crude output at a far cheaper

price than the newbuild pipelines that

have been proposed.

ET would put two 6,000-hp pumps at

a tank terminal near Johnsons Corner in

northwestern North Dakota, as well as new

mid-point pumping stations in South Dakota

and Illinois. While ET did not report the

cost of the entire project, the North Dakota

improvements would cost $40 million and go

into service in 2020.

XcL connects southern Appalachian gas to multiple marketsTwo years ago, a new privately held midstream company formed by the management

of Marcellus shale pioneer Tug Hill and backed by private equity firm Quantum Energy

Partners began building a greenfield system to link southwest Appalachian gas production to every major long-haul pipeline in the region. The company, called XcL Midstream, has

now brought online its Appalachia Connector system, which will connect with East Coast,

Midwest, Midcontinent, Gulf Coast and West Coast markets. The pipeline offers significant market price optionality and premium netbacks for dry gas production by providing access

to nearly every major price point in the

region, COO Evan Radler told Drillinginfo.

“We have multiple sources of gas

supply and can wheel gas around to take advantage of the pricing points at any moment,

which creates significant gas marketing and trading opportunities,” Radler said in an interview. He added that this optionality provides a unique value proposition for producers

compared with other local pipeline systems, whose geographic limitations force them to

connect to only one or two interstate lines. The system is anchored by volumes from

Tug Hill’s upstream business, THQ Appalachia, which engineering and development

SVP Sean Willis said in an interview is the first operator east of the Ohio River to move beyond appraisal into full pad development of the dry gas Utica.

PAA reportedly days away from putting Permian oil in Cactus IIPlains All American Pipeline’s 670,000 bo/d Cactus II will reportedly begin line fill

in a matter of days. Putting crude in the pipeline from Wink in the southern Delaware Basin

to Ingleside on the Texas Gulf Coast would mark the beginning of the end of the Permian

crude takeaway shortage.

Cactus II is on schedule,

with operations beginning

before the end of Q3, COO Chris Chandler said at a June 11 investor day. “We have

over 90% of the pipe in the ground, and we’re working diligently towards completion,” Chandler added. PAA has not confirmed the report of line fill beginning within a week, which Reuters reported on June 27, citing a source with direct knowledge of the matter.

PAA does not expect Cactus II to reach full capacity until 1Q20, but trader Trafigura will ship its full contractual volumes of 300,000 bo/d once the line fill is complete, the source told Reuters. Trafigura signed the long-term agreement for shipments on Cactus II last year, following up a 100,000 bo/d agreement with PAA in 2017.

Cactus II to start deliveries in Q3 with full operations during 1Q20.

Link to every major interstate overlies basin’s ‘lowest-breakeven dry gas.’

Proposed DAPL expanded capacity would be ready next year.

Continues On Pg 17

Continues On Pg 14

Continues On Pg 16

TC to sell five Appalachian gas systems to UGI for $1.3BTC Energy will sell Columbia Midstream Group, a set of gas gathering systems

near the Pennsylvania-Ohio border, for $1.275 billion to UGI Energy Services, the

midstream and marketing subsidiary of energy distributor UGI Corp. The transaction,

announced late July 2, brings UGI’s gas midstream to the wellhead while helping to

finance TC’s growth capex projects.The CMG sale involves 240 miles of

pipeline, just a sliver of the 15,000 miles

that TC—then called TransCanada—acquired in 2016 when it bought Columbia

Pipeline Group in a $13 billion transaction. UGI will acquire 100% of four gas gathering

systems in southwestern Pennsylvania, eastern Ohio and the panhandle of West

Virginia and a 47% stake in the Pennant gathering system and processing plant, a JV

with Hilcorp and Williams on the Pennsylvania-Ohio border.

TC is in the midst of a C$30.3 billion ($23.3 billion) capex program. That total includes

C$6.2 billion for the Coastal GasLink pipeline in British Columbia but not the planned

Keystone XL crude pipeline. Continues On Pg 6

Deal brings TC Energy’s non-core asset sales in past eight months to $2.6B.

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Midstream Intelligence 2July 03, 2019

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Midstream Intelligence is published every

three weeks and covers the midstream,

downstream and LNG sectors primarily in

North America, including new pipelines and

other projects, the deal market, finance and

regulatory updates.

All dollar amounts in this report are in US dollars

unless otherwise stated.

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ABOUT THIS REPORT

Activity Index

Company Category Primary Activity PG.

Aleph Midstream A&D Created by Vista and PE firms 5

Altus Midstream Finance $625MM preferred equity issuance triggers revolver hike 15

Anadarko A&D Oxy considers selling part of Western Midstream stake 5

Anadarko LNG Reaches FID on $20 billion Mozambique LNG 9

Antero Midstream Finance Issues second round of $650MM notes of 2019 15

Archrock A&D To buy Elite for $410MM in Hilcorp-related deals 6

Blackstone Finance Blackstone’s GSO makes final close of $4.5B energy fund 15

Brazos Midsream Pipelines Brazos to build new Delaware system after Shell deal 3

Cheniere Finance To sell $727MM in notes to Allianz pay term loans 17

Chevron Phillips Downstream Agrees to build petchem complex in Qatar 13

Commonwealth LNG LNG Signs agreement with Gunvor subsidiary 10

CSV Midstream Solutions A&D Northleaf buys CSV so it can acquire Paramount gas plant 7

DryShips A&D Considering takeover offer from CEO 5

Elite Compression A&D Archrock to buy for $410MM in Hilcorp-related deals 6

Enbridge Legal Michigan sues to get Enbridge to shut down Line 5 19

EnCap Flatrock Midstream A&D Sells Getka to two other PE firms 5

Energy Transfer Pipelines Applies to boost Dakota Access to 1.1 MMbo/d 1

Enterprise Product Ptrs A&D Shopping stake in new Corpus oil export terminal 7

Enterprise Product Ptrs Finance Prices $2.5B in senior notes 14

ExxonMobil Downstream Moves ahead on massive Texas cracker with SABIC 13

Flint Hills Resources A&D Looking to sell Ingleside crude export terminal 6

Getka Energy A&D Sold by EnCap Flatrock to two other PE firms 5

Harvest Midstream A&D Archrock to buy Elite for $410MM in Hilcorp-related deals 6

Howard Energy Ptrs Projects Expanding bulk liquid ops on Texas Gulf and in Mexico 7

Jemena A&D Buys Queensland processing facility from Senex 5

LNG Ltd. LNG Plans on increasing capacity of Magnolia LNG 10

Novatek LNG Japanese firms buy into Arctic LNG 2 project 13

NuStar Energy Pipelines To expand Valley products pipeline to Mexico border 3

PBF Energy A&D To pay up to $1B for Shell refinery in California 14

Philadelphia Energy Solutions Downstream Philadelphia refinery complex to close after fire 14

Phillips 66 Projects Joins offshore crude crowd with Bluewater plan 8

Plains All American Pipelines Reportedly days away from putting Permian crude in Cactus II 1

SABIC Downstream Moves ahead on massive Texas cracker with ExxonMobil 13

Shell A&D PBF Energy to pay up to $1B for refinery in California 14

Shell LNG Federal government sends $208MM towards LNG Canada 13

Summit Midstream Pipelines Delivers FID to Double E gas pipeline in Delaware 3

TC Energy A&D Agrees to sell Columbia Midstream to UGI Corp. for $1.3B 1

UGI Corp. A&D To purchase Columbia Midstream from TC Energy for $1.3B 1

Venture Global LNG PGNiG adds 1.5 mtpa to agreement 10

Vista Oil & Gas A&D Teams up with PE firms to create Aleph Midstream 5

Western Midstream A&D Oxy considers selling part of Anadarko’s stake 5

Williams A&D Closes $3.8B Appalachian JV deal with Canadian pensioner 5

XcL Midstream Pipelines XcL connects southern Appalachian gas to multiple markets 1

TELL YOUR STORYDo you have a story you'd like us to publish? Email our Managing Editor, David Cohen, at david.cohen@drillinginfo.com

EAST TEXAS

EAST TEXAS OPPORTUNITYAssets Cover 87,414-Net Acres.MULTIPLE EAST TX COUNTIES PPDRY GAS, LIQUIDS & OIL RICH PRODBossier, Cotton Valley, Mississippian-----Rodessa Limestone & Other Fms. FOR

Includes 78.4-Net Locations (140 gross) SALE

OPERATED WI FOR SALEPDP Reserves Apr 2019: 8.482 MMBOE1P Reserves Apr 2019: 25.971 MMBOEPDP PV-10: $76,500,000Gathering System & Infrastructure.CONTACT AGENT FOR MORE INFOPP 1777DV

SOUTH LOUISIANA

ST MARY PH., LA PROPERTY~220-Net Leasehold Acres.SOUTH LOUSIANA / GULF COAST PP1-Natural Flow Producer. 1-SWD.MA3 Sand Production. 50

~100% OPERATED WI; 75% NRI BOED

Gross Production: 38 BOPD & 70 MCFDNet Cash Flow: ~$55,000/MonthPP 8491SWD

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Summit delivers FID to Double E gas pipeline in DelawareSummit Midstream Partners will proceed with its Double E pipeline in the Delaware

Basin to the Waha hub. The final investment decision on June 27 came with JV agreements with its foundation shipper, apparently an affiliate of ExxonMobil sub XTO Energy.

SMLP said it had received firm 10-year, take-or-pay volume commitments for a substantial majority of Double E’s initial capacity of 1.35 Bcf/d. Capacity could be

expanded later to 1.85 Bcf/d with the installation of compression facilities.

Because Double E starts in Eddy County, New Mexico, and ends in Texas, the

Federal Energy Regulatory Commission will need to approve the project. Barring any

delays with FERC, SMLP expects Double

E to go into service in 3Q21.

Majority owner SMLP will lead the

development, permitting and construction of the project, and will operate Double E upon

commissioning. SMLP estimates that its share of the Double E capex will total $350

million, with more than 90% of the capex being incurred in 2020 and 2021.

SMLP intends to fund its share with a combination of internally generated cash flow and proceeds from non-core asset divestitures. Company officials this year pointed to legacy systems in the Marcellus and Barnett and the Piceance Basin as non-core assets.

SMLP’s lenders also amended its revolving credit facility to provide additional flexibility, given Double E’s take-or-pay agreements.

The June announcement only referred the JV partner as “an affiliate of Double E’s foundation shipper.” SMLP has previously referred to ExxonMobil or XTO as the foundation shipper of Double E.

Brazos to build new Delaware system after Shell dealBrazos Midstream will construct a new gas gathering system in the southern

Delaware Basin as part of gathering and processing agreements with Shell Exploration

& Production. The new infrastructure will be anchored by 15-year, fee-based dedications

of 55,000 acres in Loving, Ward,

and Winkler counties, Texas.

Privately held Brazos will

construct 16 miles of high-pressure pipeline that will extend from its existing gathering

and processing systems. The system can be expanded further to support multi-well pad

development by current producer customers, as well as other producers in the area.

The company based in Fort Worth, recently commissioned the Comanche III plant, a

200 MMcf/d cryogenic processing plant. Comanche III, which began processing volumes

in Q1, is the third plant in Brazos’ gas processing complex in Reeves County, Texas,

and brings Brazos’ total operated processing capacity in the region to 460 MMcf/d. The

company expects to start building a 200 MMcf/d Comanche IV plant as early as 2020.

Pipelines End in sight for Permian crude takeaway crunch

Any day now, the first drops of Permian Basin crude should start filling Plains All

American’s Cactus II pipeline, the first of three crude long-haul

newbuilds heading towards

the Texas Gulf Coast (PG.1).

The next question will be, is the crude glut

over or just moving 450 miles to the east?

Cactus II will be followed by the EPIC

NGL pipeline, which will start with crude

deliveries, and Phillips 66 Partners’ Gray

Oak pipeline, all going into service this

year. Most of the crude will are destined for

the Corpus Christi area, which has been

developing into an oil export hub.

Pipeline construction has outpaced

the development of some major crude

export facilities. For example, Gray

Oak should be completed about half a

year before its planned export terminal,

Buckeye Partners’ South Texas Gateway.

At least nine crude export projects

have been proposed on the Gulf Coast,

the latest being Phillips 66’s Bluewater

Texas Terminal (PG.8). Bluewater is one

of the several projects that will be built

offshore, looking to fully load very large

crude carriers without need to dredge a

port, but all the offshore projects are still

in the application process.

With the abundance of Permian crude

just months away and major offshore

facilities years away, this would seem to be

a great time to own one of the existing crude

export facilities. That logic could make it

also a great time to sell a facility, a chance

to garner a premium price before a VLCC-

capable facility makes it obsolete. Flint

Hills Resources has hired J.P. Morgan

to market its crude export terminal (PG.6)

while Enterprise Product Partners is

reportedly shopping its 50% stake in Eagle

Ford Terminals Corpus Christi (PG.7).

Late July 2, TC Energy announced it

would sell its five Columbia Midstream

Group gas systems for $1.275 billion to a

subsidiary of UGI Corp. The deal not only

raises money for TC’s growth projects but

also allows UGI to enter wet gas gathering

and processing (PG.1).

Infrastructure

IN THIS ISSUE

NuStar to expand Valley products pipeline to Mexico borderNuStar Energy is looking to double the capacity of its Valley refined products pipeline

system in South Texas to 90,000 bbl/d in an effort to supply northern Mexico. The San

Antonio-based company said it has enough commitments to procced with the project

and launched an open season into July 12 for additional commitments.

Valley is a 196-mile

pipeline from the Corpus Christi area to

delivery points in Brownsville, Edinburg

and Harlingen. The expansion includes the construction of a 75-mile loop of the pipeline

segment between Seeligson and Edinburg and improvements at pump stations along

the line. The project is expected to be in service in Q3.

NuStar is proposing to make up to 90% of the expanded Valley capacity available

to shippers making long-term, ship-or-pay commitments, with at least 10% available for

walk-up shippers. The company has 9,800 miles of pipeline and 75 terminal and storage

facilities for crude, refined products and specialty liquids.

Comanche III brings Brazos’ processing capacity to 460 MMcf/d.

45,000 bbl/d to be added by 75-mile loop and improved pump stations.

SMLP expects to spend $350 million on Double E, with in-service target of 3Q21.

Anadarko reaches FID on $20 billion Mozambique LNG (PG.9).

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Selected Current Pipeline Construction Projects

Pipeline Name

Owner/ Operator Type Flow From Flow To Miles Capacity Cost Completion Notes

EPIC Y-Grade EPIC, Noble NGL Orla, TX Corpus Christi 700 200,000 bbl/d N/A 3Q19To carry crude until finish of

EPIC Crude

Grand PrixTarga, Blackstone,

StonepeakNGL

Culberson Co.,

TXMont Belvieu, TX 500 450,000 bbl/d $1.3B 3Q19

NGLs already flowing from

Permian to North Texas

Gulf Coast ExpressKinder Morgan, DCP,

Targa, Stonepeak, AltusGas Waha Agua Dulce 498 1.92 Bcf/d $1.75B 4Q19 Capacity fully subscribed

Mountain ValleyEQT, NextEra, Con

Edison, WGL, RGCGas Wetzel Co., WV Chatham, VA 303 2.0 Bcf/d $4.6B 4Q19 Slowed by legal challenges

Midship Cheniere, EIG GasKingfisher Co.,

OKBennington, OK 199 1.44 Bcf/d $680MM YE19 Notice to proceed issued

Line 3 Replace-

mentEnbridge Crude Hardisty, AB Superior, WI 1,030 760,000 bo/d C$9.0B 2H20

MN permiting to continue

until Nov

Gladiator SemGroup, DCP Crude Jack Co., TX Houston 300 300,000 bo/d N/A 3Q20Connects to converted

Southern Hills NGL pipeline

Baymark Enterprise, Formosa Ethylene Bayport, TX Markham, TX 90 N/A N/A 4Q20Provides access to new

export terminal

Jupiter JupiterMLP Crude Crane, TX Brownsville, TX 650 1.0 MMbo/d N/A 4Q20Leads to planned export

terminal

Montney to

Market PAA, SemGroup Liquids

Grande Prairie

Co. No. 1, AB

Fort Saskatch-

ewan, AB300 100,000 bbl/d N/A 4Q20

NGLs, condensate and light

crude

Permian HighwayKinder Morgan,

EagleClawGas Waha Texas Gulf Coast 430 2.0 Bcf/d $2.1B 4Q20

Construction contracts

awarded

Liberty Phillips 66, Bridger Crude Bakken Cushing N/A 350,000 bo/d $1.6B 1Q21Supplemental open season

to come

Red Oak Phillips 66, PAA Crude Cushing Ingleside, TX N/A 400,000 bo/d $2.5B 1Q21Houston & Beaumont

delivery options

Voyager Magellan, Navigator Crude Cushing Houston 500 250,000 bo/d N/A 1H21Open season through

August

Wink to WebsterPAA, ExxonMobil, Lotus,

MPLXCrude Wink, Midland

Webster, Baytown,

Beaumont650 1.0 MMbo/d N/A 1H21 Pipe ordered

Double E Summit Midstream Gas Eddy Co., NM Waha 134 1.35 Bcf/d N/A 2Q21XTO to send up to 500

MMcf/d

Seahorse Tallgrass Crude Cushing St. James, LA 700 800,000 bbl/d N/A 3Q21Leads to new export

terminal

Atlantic CoastDominion, Duke, Pied-

mont, SouthernGas Harrison Co., WV Robeson Co., NC 550 1.5 Bcf/d $7.8B 2021 Court-ordered stoppage

Keystone XL TC Energy Crude Hardisty, Alberta Steele City, Neb. 1,179 830,000 bo/d 36-in. 2021 TransCanada open to JVs

WhistlerNextEra, WhiteWater,

MPLXGas Waha Wharton Co., TX 620 2.0 Bcf/d N/A 2021 FID announced in June

Permian Global

AccessTellurian Gas Waha Gillis, LA 625 2.0 Bcf/d $1.7B 2022

Feeds proposed LNG export

terminal

Coastal GasLink TC Energy GasDawson Creek,

BCKitimat, BC 416 2.1 Bcf/d C$6.2B 2023 Looking for JV partners

Gazoduq Gazoduq Gas Ramore, ON Saguenay, QC 465 N/A $3.4B 2024To feed Energie Saquenay

LNG project

Source: PLS Research

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Williams, Canadian pensioner close $3.8B Appalachian JV dealWilliams completed the formation with Canada Pension Plan Investment Board

in a $3.8 billion gas gathering and processing JV in the western Marcellus and Utica.

CPPIB invested $1.33 billion for a 35% stake in the partnership. Williams retains 65%

ownership and operates the combined business.

The JV owns 100% of the Ohio Valley Midstream and the Utica East

Ohio Midstream systems. OVM currently has 216 miles of gathering

pipelines and 800 MMcf/d of processing

capacity. UEO has two processing plants

with a capacity of 800 MMcf/d, 36,000

bbl/d of condensate stabilization and a 135,000 bbl/d fractionation facility. The JV

excludes Williams’ interests in Flint Gathering, Cardinal Gathering, Marcellus South

Gathering, Laurel Mountain Midstream and Blue Racer Midstream.

To contribute the entire UEO system to the JV, Williams purchased Momentum

Midstream’s 38% stake for an undisclosed amount before the agreement to form the

JV was announced in March. Williams intends to use the cash proceeds from CPPIB to

offset the Momentum purchase price, reduce debt and to fund its growth capex.

Encino Acquisition Partners, a JV of CPPIB and Houston-based Encino Energy, is

an anchor customer of the UEO system. EAP acquired Chesapeake Energy’s Ohio Utica

assets last October for $1.9 billion cash. CPPIB owns 98% of EAP, with Encino operating

the assets, which consist of 938,000 net acres and 2.88 Tcfe proved reserves (72% gas).

Oxy eyes selling piece of Anadarko’s Western Midstream stakeOccidental Petroleum is reportedly looking for a buyer to take majority control of

Western Midstream Partners, which the company is acquiring as part of its broader $57

billion acquisition of Anadarko. Unnamed sources told Bloomberg that Oxy has retained

a financial advisor to solicit bids for half of Anadarko’s 55.5% stake in the Delaware and DJ Basin midstream operator

and its general partner.

The potential acquirer of

these stakes would also seek to purchase the 45% of Western Midstream that is publicly

traded, they added. Oxy would then be left with a minority stake, allowing it retain interest

in the entity’s assets in order to help it bring the oil and gas it produces from its DJ Basin

and Permian assets to market. The sources said private equity firms and midstream peers, such as Oneok, Energy Transfer and Enterprise Products Partners, could

potentially express interest.

Oxy CEO Vicki Hollub said in the immediate aftermath of the Anadarko buy that the

company would be open to selling Western Midstream. “We don’t really feel like we have

to necessarily own infrastructure to take advantage of it,” she said May 6. “We would be willing to consider the optimization, monetization, of that sooner rather than later

depending on the potential buyer.”

■ Cargo vessel operator DryShips

Inc. could be about to go private. SPII

Holdings Inc., a company controlled

by DryShips CEO George Economou,

is offering to buy the remaining 16.6%

stake for $57.9 million. SPII Holdings

will pay $4 in cash per common

share, which represents a 25.6%

premium based on DryShips’ previous-

day closing share price of $3.16. A

special committee consisting solely of

disinterested DryShips directors will

consider the proposal. The company’s

32 vessels include a very large crude

carrier, three Aframax tankers and two

Suezmax tankers.

■ Private equity firm EnCap Flatrock

Midstream sold 100% of equity in Getka

Energy to two other PE firms, HBC

Investments and Barcas Investments,

for an undisclosed amount. MapleMark

Bank of Dallas provided financing for the transaction. Headquartered in Tulsa,

Getka is a crude oil logistics provider

focused on storage, blending and

terminal solutions.

■ Senex Energy agreed to sell its

Roma North gas processing facility and

pipeline in Queensland, Australia, to

major energy infrastructure operator

Jemena for A$50 million ($34.3 million)

and entered into a long-term gas tolling

agreement. Senex, which is based in

Brisbane, Australia, began construction

of the Roma North facility and pipeline

last November with commissioning

underway. Jemena, based in Melbourne,

Australia, will take ownership after the

achievement of agreed performance

tests, which is expected in September.

■ Vista Oil & Gas, with investments

from affiliates of Riverstone and

Southern Cross Group and certain

individual co-sponsors, created Aleph

Midstream, the first midstream player focused on gathering, processing and

evacuation services for producers in the

Neuquina Basin. The financial sponsors expect to contribute up to $160 million

to Aleph in exchange for a controlling

interest of up to 78.4% of Aleph’s total

equity. Vista will contribute most of its

Neuquina midstream assets, valued at

$45 million, for a stake of at least 21.6%.

A&D

Infrastructure

Top 5 New Midstream Deals In This Issue

Date Buyer SellerValue ($MM) Country Description

07/02/19 UGI Corp. TC Energy $1,275 US Columbia Midstream

06/24/19 ArchRock JDH Capital $410 US Elite Compression

06/28/19 CSV Midstream SolutionsParamount

Resources$252 Canada Karr 6-18 gas facility

06/27/19 Riverstone; Southern Cross Vista Oil & Gas $160 Argentina Aleph Midstream JV formed

06/13/19 SPII Holdings DryShips $58 Greece Remaining 16.6% equity

Total $2,155

Note: Based on deals with disclosed values.

Source: Drillinginfo M&A Database app.drillinginfo.com/ma

Owns 15,200 miles of pipelines and multiple processing facilities.

CPPIB also owns 98% stake in major customer of newly formed JV.