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TC-Energy-sells-40-Stake-in-Columbia-Gas-Pipeline-Systems-for-3-9-Billion-to-GIP

Calgary-based pipeline operator TC Energy is selling a 40% stake in its natural gas pipeline systems for $3.9 billion as part of its efforts to reduce debt.

TC Energy Corporation (TRP) has agreed to sell a 40% stake in its Columbia Gas Transmission and Columbia Gulf Transmission systems to Global Infrastructure Partners (GIP). This move will help TC Energy reduce its debt and establish a valuable long-term partnership with GIP, a prominent infrastructure investor.

Background of the Deal

The decision by TC Energy Corporation (TRP) to sell a portion of its ownership in the Columbia Gas and Columbia Gulf pipelines is driven by its long-term plan to raise capital and decrease its debt burden. The decision aligns with TRP's strategy of pursuing new investment opportunities and bolstering its position in the ever-changing energy market.

Deal Details 

  • TRP sells a 40% stake in Columbia Gas Transmission and Columbia Gulf Transmission systems to GIP.
  • GIP pays C$5.2 billion (US$3.9 billion) in cash for the 40% stake.
  • Part of TRP's plan to raise capital, reduce debt, and focus on new investment opportunities in the energy market.
  • Expected Closing Date: Fourth quarter of 2023.
  • GIP's Responsibilities: GIP will handle 40% of the annual maintenance, modernization, and growth capital investments (around C$1.3 billion annually) for 3 years.
  • TRP will continue to operate both pipeline systems in the joint venture, prioritizing safe operations and service reliability.
  • Future Projects: Proceeds from the sale will fund investments, including the Coastal GasLink pipeline.
  • Closure Date: Agreement with GIP expected to close by November, finalizing the partnership.

Strengthening the North American Natural Gas Network

The Columbia Gas and Columbia Gulf pipelines create an extensive natural gas infrastructure spanning over 15,000 miles across North America. They play a crucial role in meeting a significant portion of the daily U.S. natural gas demand and contribute around 20% of the country's liquefied natural gas export supply. Additionally, these pipelines are instrumental in facilitating the transition towards lower-emission energy sources. Their operations are guided by robust long-term natural gas fundamentals and a rate-regulated commercial framework.

Energy Transition

TC Energy and GIP are committed to supporting the move to sustainable energy sources as the global energy landscape evolves. They aim to promote essential natural gas projects, recognizing the ongoing significance of natural gas in this transition. The Columbia Gas and Columbia Gulf pipelines will play a vital role in connecting the largest and most cost-effective natural gas basin to key demand centers and export markets, contributing to cleaner energy solutions.

Future Agenda

With the funds from the sale, TC Energy can focus on important projects like the Coastal GasLink pipeline, which is crucial for Canada's energy infrastructure. By prioritizing debt reduction and smart capital allocation, TC Energy aims to achieve sustainable growth and maintain its leadership in the energy sector.

The agreement between TC Energy and GIP is a significant milestone in the energy industry. It opens up new investment possibilities while ensuring top-notch operations for their core assets. The joint venture aligns with the broader goal of supporting the energy transition and highlights the enduring importance of natural gas in shaping a sustainable energy future.

If you are looking for more information about energy companies, their assets, and energy deals, please, contact our sales office mapping@hartenergy.com, Tel. 619-349-4970 or SCHEDULE A DEMO to learn how Rextag can help you leverage energy data for your business.

 

Chord Energy Corp. Expands Williston Basin Footprint with $375 Million Acquisition from Exxon Mobil

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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.

Civitas Makes $4.7B Entry into Permian Basin

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Civitas Resources Expands into Denver-Julesburg Basin through $4.7B Cash and Stock Deals for NGP's Tap Rock and Hibernia. Civitas Resources has recently secured two definitive agreements to expand its presence in the Permian Basin's Midland and Delaware basins. The company will achieve this expansion through the acquisition of two private exploration and production companies, namely Hibernia Energy III LLC and Tap Rock Resources LLC. The total value of the deal, paid in both cash and stock, amounts to $4.7 billion. Both Hibernia Energy III LLC and Tap Rock Resources LLC are supported by NGP Energy Capital Management LLC. These acquisitions reflect the increasing demand for oil and gas reserves in the Permian Basin, with companies specializing in the region actively seeking new opportunities. Currently, Civitas Resources' primary production operations are focused in the Denver-Julesburg Basin (D-J Basin).

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Rangeland Energy has agreed to sell Rangeland Midstream Canada to Kingston Midstream Alberta and remains committed to future Canadian midstream investments. Texas-based Rangeland Energy, supported by financial partner EnCap Flatrock Midstream, has inked a deal to sell its Canadian subsidiary, Rangeland Midstream Canada Ltd., to Calgary's Kingston Midstream Alberta Ltd. for cash.

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The merger between ONEOK and Magellan received approval from Magellan shareholders, securing just 55% of the total votes at Magellan’s meeting on Sept. 21. ONEOK Inc. has successfully concluded the acquisition of Magellan Midstream Partners LP on Sept. 25. The deal will bring together their respective assets and expertise, resulting in a powerful entity boasting an extensive network of approximately 25,000 miles of pipelines primarily focused on transporting liquids.

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Viper Energy's deal, comprised of cash and equity, secures an additional 2,800 net royalty acres in the Midland Basin and 1,800 in the Delaware Basin. Viper Energy Partners LP, a Diamondback Energy Inc. subsidiary, has inked a deal to acquire mineral and royalty interests in the Permian Basin. The deal, valued at around $1 billion, is with Warwick Capital Partners and GRP Energy Capital. Viper was established by Diamondback with the purpose of owning, purchasing, and capitalizing on oil and natural gas assets in North America, specifically targeting mineral and royalty interests.

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