M&A Deal Summary

CorEnergy Acquires Pinedale Liquids Gathering System

On July 7, 2020, CorEnergy acquired oil/gas exploration company Pinedale Liquids Gathering System from Ultra Petroleum for 225M USD

Acquisition Highlights
  • This is CorEnergy’s 2nd transaction in the Oil/Gas Exploration sector.
  • This is CorEnergy’s 3rd largest (disclosed) transaction.
  • This is CorEnergy’s 2nd transaction in the United States.
  • This is CorEnergy’s 1st transaction in Wyoming.

M&A Deal Summary
Date 2020-07-07
Target Pinedale Liquids Gathering System
Sector Oil/Gas Exploration
Buyer(s) CorEnergy
Sellers(s) Ultra Petroleum
Deal Type Divestiture
Deal Value 225M USD

Target

Pinedale Liquids Gathering System

Pinedale, Wyoming, United States
Pinedale Liquids Gathering System was completed in 2010 and consists of more than 150 miles of underground gathering pipelines with 107 receipt points and four above-ground central gathering facilities that are utilized by UPL as a method of separating water, condensate and associated natural gas from a unified stream and subsequently selling or treating and disposing of the separated products.

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Buyer(S) 1

Buyer

CorEnergy

Kansas City, Missouri, United States
Category Company
Sector Real Estate
Employees155
Revenue 128M USD (2021)
DESCRIPTION

CorEnergy is a REIT focused on energy infrastructure primarily owns midstream and downstream assets that perform utility-like functions, such as pipelines, storage terminals, and transmission and distribution assets. CorEnergy is based in Kansas City, Missouri.

DEAL STATS #
Overall 3 of 4
Sector (Oil/Gas Exploration) 2 of 3
Type (Divestiture) 2 of 2
State (Wyoming) 1 of 1
Country (United States) 2 of 3
Year (2020) 1 of 1
Size (of disclosed) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-30 Grand Isle Gathering System

Isle of Man, United Kingdom

Grand Isle Gathering System is a subsea, midstream pipeline system with related onshore facilities serving oil-producing fields in the shallow portion of the Gulf of Mexico.

Buy $245M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-04 Crimson Midstream

Signal Hill, California, United States

Crimson Midstream LLC is ac rude oil pipeline owner and operator that provides crude oil transportation and storage services. Crimson safely and reliably operates more than 2,000 miles of pipeline transporting approximately 400,000 barrels of crude oil per day to end-users. Crimson Midstream was founded in 2005 and is based in Signal Hill, California.

Buy $350M

Seller(S) 1

SELLER

Ultra Petroleum

Englewood, Colorado, United States
Category Company
Founded 1979
Sector Oil/Gas Exploration
Revenue 742M USD (2019)
DESCRIPTION

Ultra Petroleum Corp. is an independent exploration and production company focused on producing and developing its long-life natural gas reserves in the Green River Basin of Wyoming – the Pinedale and Jonah Fields. Ultra Petroleum was founded in 1979 and is based in Englewood, Colorado.

DEAL STATS #
Overall 1 of 1
Sector (Oil/Gas Exploration) 1 of 1
Type (Divestiture) 1 of 1
State (Wyoming) 1 of 1
Country (United States) 1 of 1
Year (2020) 1 of 1
Size (of disclosed) 1 of 1
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