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The offerings are expected to generate about $652.2 million in net proceeds for Occidental Petroleum, which just acquired Anadarko Petroleum last month in a $55 billion deal.
Plains All American Pipeline, L.P. (NYSE: PAA) and Plains GP Holdings, L.P. (NYSE: PAGP) today announced the pricing of concurrent secondary public offerings (the “Offerings”) by Oxy Holding Company (Pipeline), Inc., a wholly-owned subsidiary of Occidental Petroleum Corporation, of 14,977,890 common units of PAA at a price to the public of $21.46 per unit and 15,000,000 Class A shares of PAGP at a price to the public of $22.05 per share. The gross proceeds from the sale of the PAA common units and PAGP Class A shares by the selling securityholder are expected to be approximately $321.4 million and $330.8 million, respectively.
Plains All American Pipeline, L.P. (NYSE: PAA) and Plains GP Holdings, L.P. (NYSE: PAGP) today announced the commencement of concurrent secondary public offerings (the “Offerings”) by Oxy Holding Company (Pipeline), Inc., a subsidiary of Occidental Petroleum Corporation, of common units of PAA and Class A shares of PAGP. The aggregate number of PAA common units and PAGP Class A shares offered in the Offerings is 29,977,890, with the specific number of PAA common units and PAGP Class A shares to be determined prior to the pricing of the Offerings.
Plains All American Pipeline, L.P. today announced that it has completed an underwritten public offering of $1.0 billion aggregate principal amount of 3.550% senior unsecured notes due December 15, 2029 at a public offering price of 99.801% with a yield to maturity of 3.572%.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Plains All American Pipeline L.P. New York, September 13, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Plains All American Pipeline L.P. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
A new dock and crude oil storage terminal built by Plains All American Pipeline LP received its first ship this week. Eagle Ford Terminals Corpus Christi LLC, which is jointly owned by Plains and Enterprise Products Partners LP (NYSE: EPD), has been in the works since 2014. The project was built by Plains (NYSE: PAA).
Moody's Investors Service ("Moody's") assigned a Ba1 rating to Plains All American Pipeline L.P.'s (Plains) proposed senior unsecured notes offering. Plains' announced unsecured debt issuance will improve the company's maturity profile as the use of proceeds will primarily be used to partially refinance its December 2019 and January 2020 maturities totaling $1 billion, and therefore, the transaction will be debt neutral. The proposed and existing Plains senior notes and its $1.6 billion revolving credit facility due August 2024 are issued at the parent level and are unsecured.
Plains All American Pipeline, L.P. today announced that it has commenced a public offering of senior notes . PAA intends to use the net proceeds from the offering to partially repay the principal amounts of its $500 million 2.60% senior notes due 2019 and $500 million 5.75% senior notes due 2020 at their respective maturity dates in December 2019 and January 2020, and, pending such repayment, for general ...
Plains All American (PAA) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
With a yield nearing 7% thanks to a recent sell-off and improving growth prospects, Plains All American Pipeline is looking like a long-term winner.
Owing to volume growth demanded by the shippers during a July open season, Magellan Midstream Partners (MMP) decides to expand the size of its Saddlehorn pipeline by 100,000 bpd.
(Bloomberg) -- Oil rose to a two-week high on signals that talks may resume between the U.S. and China, rekindling hopes trade tensions will ease.Futures in New York climbed 1.7%, advancing for the third consecutive day. President Donald Trump said talks were planned sometime Thursday with China after Beijing said it won’t immediately retaliate against the latest U.S. tariff increase. That has fueled speculation that planned trade discussions for September could go ahead as scheduled, paving the way for tensions to ease.“U.S.-China hope has been the driver this week,” said said Ashley Petersen, lead oil market analyst at Stratas Advisors. Plans for Thursday’s discussions have signaled optimism for the September talks to happen, she added. “That’s what caused the market to stay strong and close higher.”Oil is poised for its biggest weekly gain since mid-July, buoyed by government data showing inventories at Cushing, Oklahoma, had sunk to the lowest level in eight months after the startup of new pipelines from the Permian. The Cushing hub is the largest commercial oil storage depot in the U.S, and the delivery point of the futures contract.West Texas Intermediate for October delivery climbed 93 cents to $56.71 a barrel on the New York Mercantile Exchange. The December 2019-December 2020 spread surged 52 cents to $3.50 a barrel a sign that investors see inventories growing tighter.Brent for October settlement rose 59 cents to $61.08 a barrel on the ICE Futures Europe Exchange. The global benchmark crude traded at a $4.37 premium to WTI.While the EIA’s report of a steep 10-million-barrel decline in total crude stocks was bullish for the market, it was balanced out by record high volumes in crude production, said Gene McGillian, a senior analyst and broker at Tradition Energy in Connecticut.More importantly, there appears to be a two-way battle being waged in the market, causing prices to get stuck, said McGillian. On the one hand, the Trump-Beijing trade crisis is slowing down economic activity, particularly in Asia and Europe, and affecting overall demand. On the flip side, there’s been producer output cuts as well as Iranian sanctions that have strained supplies to the market, he added.“There’s been a little to and fro and the market is stuck here with WTI around $55, Brent around $60,” McGillian said. “The market is looking for its next driver.”To contact the reporter on this story: Sheela Tobben in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: David Marino at email@example.com, Catherine TraywickFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
TULSA, Okla. , Aug. 29, 2019 /PRNewswire/ -- Saddlehorn Pipeline Company, LLC ("Saddlehorn") announced today a further expansion of the Saddlehorn pipeline. Following a successful open season ...
U.S. oil futures rose 1.7% on Thursday, lifted by a deep draw on U.S. crude inventories, especially at the benchmark's delivery hub due to increased demand with the start-up of two new West Texas pipelines. The approach of Hurricane Dorian toward Florida also raised fears that offshore U.S. crude producers may slow output if the storm passes into the Gulf of Mexico over the weekend, analysts said.
* Plains' 670,000 barrel-per-day (bpd) Cactus II pipeline began commercial deliveries earlier this month, sending WTI Midland prices at Plains' terminal as much as 50 cents per barrel above those at Enterprise's terminal, market sources said this week. * The disconnect in prices prompted Argus Media to propose a change to its WTI Midland pricing methodology to exclusively reflect prices at Enterprise's terminal.
WTI Midland crude prices at Plains All American Pipeline LP's Midland terminal spiked this month compared with barrels traded at Enterprise Products Partners LP's Midland terminal as Plains' Cactus II pipeline began service, oil traders familiar with the matter said. The 670,000 barrel-per-day (bpd) Cactus II pipeline began commercial deliveries earlier this month, sending WTI Midland prices at Plains terminal as much as 50 cents per barrel above those at Enterprise's terminal, they said. Price reporting agency Argus Media said on Monday it would change the way it assesses WTI Midland to exclusively reflect prices at Enterprise's terminal "to more closely align its assessment" with customer expectations and most spot trades.
The midstream giant's headquarters renovation project comes amid a major transformation for the downtown Houston office complex.
NuStar Energy began thinking about how it could tap into the West Texas oil boom four years ago, CEO Brad Barron told the Business Journal.