M&A Deal Summary

Hess Midstream Partners Acquires Summit Midstream Partners - The Tioga System

On February 26, 2019, Hess Midstream Partners acquired oil/gas exploration company Summit Midstream Partners - The Tioga System from Summit Midstream for 60M USD

Acquisition Highlights
  • This is Hess Midstream Partners’ 1st transaction in the Oil/Gas Exploration sector.
  • This is Hess Midstream Partners’ largest (disclosed) transaction.
  • This is Hess Midstream Partners’ 1st transaction in the United States.
  • This is Hess Midstream Partners’ 1st transaction in North Dakota.

M&A Deal Summary

Date 2019-02-26
Target Summit Midstream Partners - The Tioga System
Sector Oil/Gas Exploration
Buyer(s) Hess Midstream Partners
Sellers(s) Summit Midstream
Deal Type Divestiture
Deal Value 60M USD

Target

Summit Midstream Partners - The Tioga System

Williams County, North Dakota, United States
Summit Midstream Partners LP - The Tioga System is a Williams County, North Dakota based company comprising crude oil and gas gathering assets.

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Buyer(S) 1

Buyer

Hess Midstream Partners

Houston, Texas, United States

Category Company
Founded 2014
Sector Oil/Gas Exploration
DESCRIPTION

Hess Midstream Partners LP is an operator and developer of midstream assets to provide services. The company operates through three segments: gathering, processing and storage, and terminating and export.


DEAL STATS #
Overall 1 of 1
Sector (Oil/Gas Exploration) 1 of 1
Type (Divestiture) 1 of 1
State (North Dakota) 1 of 1
Country (United States) 1 of 1
Year (2019) 1 of 1
Size (of disclosed) 1 of 1

Seller(S) 1

SELLER

Summit Midstream

The Woodlands, Texas, United States

Category Company
Founded 2009
Sector Energy Services and Equipment
Employees220
Revenue 383M USD (2020)
DESCRIPTION

Summit Midstream is a growth oriented midstream energy company focused on acquiring and developing midstream energy infrastructure assets that are strategically located in unconventional North American production basins. Summit Midstream was founded in 2009 and is based in The Woodlands, Texas.


DEAL STATS #
Overall 1 of 1
Sector (Oil/Gas Exploration) 1 of 1
Type (Divestiture) 1 of 1
State (North Dakota) 1 of 1
Country (United States) 1 of 1
Year (2019) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-17 Sterling Energy

Denver, Colorado, United States

Sterling Energy is a natural gas gathering, processing and marketing company serving oil and gas producers in the Denver-Julesburg Basin of northeast Colorado and the Williston Basin of northwest North Dakota. Sterling Energy was founded in 2000 and is based in Denver, Colorado.

Buy -