Stock Monitor: CNX Midstream Partners Post Earnings Reporting
LONDON, UK / ACCESSWIRE / February 09, 2018 / Active-Investors.com has just released a free research report on Tallgrass Energy Partners, L.P. (NYSE: TEP) ("Tallgrass").If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=TEP as the Company's latest news hit the wire. On February 07, 2018, the Company announced that its subsidiary BNN Water Solutions, LLC (ׅ"BNN") has acquired water infrastructure assets that establishes Tallgrass' footprint in the Bakken. BNN acquired Buckhorn SWD Solutions, LLC and Buckhorn Energy Services, LLC (collectively, "Buckhorn") for a cash purchase price of approximately $95 million. Register today and get access to over 1000 Free Research Reports by joining our site below:
Active-Investors.com is currently working on the research report for CNX Midstream Partners LP (NYSE: CNXM), which also belongs to the Basic Materials sector as the Company Tallgrass Energy Partners. Do not miss out and become a member today for free to access this upcoming report at:
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Tallgrass Energy Partners most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Buckhorn owned 10 salt water disposal wells and nearly 39 miles of produced water-gathering infrastructure. The system services approximately 133,000 dedicated acres for multiple Bakken producers, including XTO Energy, Inc.
Acquisition Makes BNN One of the Industry's Largest Independent Operators of Water Infrastructure
The acquisition will help to deliver new business to BNN and provide Tallgrass a platform to build additional midstream business in the Bakken. With this acquisition, BNN owns and operates over 230 miles of water supply and gathering pipelines in addition to other water supply, storage, recycle, and disposal assets, thereby making BNN one of the largest independent operators of water infrastructure in the industry. BNN plans to spend an additional $45 million in 2018 to further expand the system in order to accommodate increased dedicated water volumes resulting from expected new drilling and completions. Tallgrass anticipates that once the expansion is completed, the total investment will approximate a five times cash flow multiple.
Acquisition Provides Tallgrass an Opportunity to Grow its Midstream Service offerings in the Bakken
Jeff Nelson, Vice President and General Manager of BNN, expressed that the acquisition of this Bakken water infrastructure expands BNN's footprint into another premier oil and gas producing region of the country, while establishing and expanding important customer relationships for BNN and Tallgrass. Nelson further added that this acquisition also provides Tallgrass with an opportunity to grow its midstream service offerings in the Bakken.
Tallgrass' Recent Acquisition Deals
On January 03, 2018, Tallgrass announced two strategic acquisitions by its Tallgrass Terminals business and several significant commercial developments.
- Pawnee Terminal - Tallgrass Terminals, LLC signed an agreement to acquire a 51% membership interest in the Pawnee, Colo. crude oil terminal (Pawnee Terminal) from Zenith Energy for approximately $31 million. The transaction is expected to close in Q1 2018, and is subject to certain closing conditions.
- Deeprock Development Expansion - Additionally, Tallgrass Terminals acquired a 38% interest in Deeprock North, LLC, which owns a crude oil terminal in North Cushing, Okla., immediately adjacent to the Deeprock Development, LLC crude oil terminal facility. The purchase price for the interest was approximately $19.5 million. Immediately following the acquisition, Deeprock North was merged into Deeprock Development. After the acquisition and merger, Deeprock Development owns a larger and more diverse terminalling complex with total storage capacity of 4.0 million barrels. Tallgrass Terminals owns around 60% of the combined entity and retains significant strategic and commercial control.
About Tallgrass Energy Partners, LP
Founded in 2013, Tallgrass Energy is a family of companies formed to own, operate, acquire, and develop midstream energy assets in North America. The Tallgrass Energy family is comprised of Tallgrass Energy Partners, LP, Tallgrass Energy GP, LP, and Tallgrass Development, LP. Headquartered in Leawood, Kansas, the Company is a growth-oriented midstream energy operator with transportation, storage, terminal, water, gathering, and processing assets that serve some of the nation's most prolific crude oil and natural gas basins.
About BNN Water Solutions, LLC
Established in 2012 and based in Lakewood, Colorado, BNN Water Solutions provides permanent water infrastructure and solutions for the energy industry. The Company's core business is owning and operating permanent water infrastructure to provide supply, storage, recycle, gathering, and disposal to its end users.
Stock Performance Snapshot
February 08, 2018 - At Thursday's closing bell, Tallgrass Energy Partners' stock tumbled 11.02%, ending the trading session at $38.61.
Volume traded for the day: 1.47 million shares, which was above the 3-month average volume of 321.47 thousand shares.
After yesterday's close, Tallgrass Energy Partners' market cap was at $2.93 billion.
Price to Earnings (P/E) ratio was at 10.33.
The stock has a dividend yield of 10.00%.
The stock is part of the Basic Materials sector, categorized under the Oil & Gas Pipelines industry.
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