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Stock Market & Financial Investment News

News Breaks
June 25, 2014
13:45 EDTSXE, DPM, KMP, APL, PXD, ETP, EPDCondensate exports likely positive for Gulf Coast G&P MLPs, says Wells Fargo
Wells Fargo believes the product classification orders issued to Enterprise Products Partners (EPD) and Pioneer Natural Resources (PXD) related to U.S. condensate exports bodes well for Gulf Coast gathering and processing MLPs such as Enterprise Products, as well as Atlas Pipeline Partners (APL), DCP Midstream (DPM), Energy Transfer Partners (ETP), Kinder Morgan Energy (KMP) and Southcross Energy Partners (SXE).
News For EPD;APL;DPM;ETP;KMP;SXE;PXD From The Last 14 Days
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November 20, 2014
13:04 EDTKMPKinder Morgan announces shareholder approval of merger transactions
Kinder Morgan (KMI) announced that at special meetings held by each of KMI, Kinder Morgan Energy Partners (KMP), Kinder Morgan Management (KMR) and El Paso Pipeline Partners (EPB), unitholders and shareholders approved all proposals related to the merger transactions previously announced on Aug. 10. More than 95% of the votes cast at the special meeting of each company were voted in favor of the proposals related to the merger transactions. The deadline for KMP and EPB unitholders to elect the form of consideration they wish to receive in each of KMPs and EPBs pending mergers with KMI is 5:00 p.m. ET on Nov. 24, 2014. The election deadline may be extended, in which case KMI will issue a press release announcing the new election deadline. The closing of each merger is expected to occur on Nov. 26, 2014. Accordingly, it is expected that Nov. 26 will be the last trading day for KMP and EPB units as well as KMR shares.
09:43 EDTKMPKinder Morgan to host special shareholder meeting
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November 18, 2014
11:04 EDTETPEnergy Transfer Partners to host special shareholder meeting
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08:46 EDTETPETE to transfer 30.8M ETP common units in $3.75B deal
Energy Transfer Partners (ETP) and Energy Transfer Equity (ETE) announced that the management teams of the two partnerships have reached an agreement with respect to a transaction valued at approximately $3.75B in which ETE would transfer 30.8M ETP common units, ETEs 45% interest in the Bakken pipeline project, and a cash amount to be determined in exchange for newly issued Class H units of ETP that will generally entitle ETE to receive 40.0% of the cash distributions and other economic attributes of the general partner interest and incentive distribution rights of Sunoco Logistics Partners (SXL). In addition, ETE and ETP anticipate that they will negotiate a reduction in the incentive distribution right subsidies that ETE previously agreed to provide to ETP, and that such reductions would occur in 2015 and 2016. When combined with the 50.16M Class H units acquired by ETE in October 2013, upon consummation of the Transaction, ETE would own Class H units that will generally entitle ETE to receive approximately 90% of the cash distributions and other economic attributes of the general partner interest and incentive distribution rights of SXL. Upon redemption of the 30.8M ETP common units, ETPs outstanding common units will be reduced to approximately 322M common units. ETP expects that the Transaction will be neutral to distributable cash flow per ETP common unit in 2015 and accretive to distributable cash flow per ETP common unit in 2016 and thereafter. ETE expects that the transaction will be slightly dilutive to distributable cash flow per ETE common unit in 2015 and accretive to distributable cash flow per ETE common unit in 2016 and thereafter. The transaction is expected to be credit neutral to both ETE and ETP. ETE and ETP anticipate that the transaction agreements will be negotiated and executed prior to the end of 2014 and that the transaction would close in Q1 of 2015.
November 17, 2014
08:05 EDTETPEnergy Transfer Partners, Regency Energy Partners to construct NGL pipeline
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07:33 EDTKMPMatrix Service awarded EPC contract by Kinder Morgan Energy
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November 14, 2014
07:05 EDTKMPKinder Morgan says expected closing date of merger Nov. 24
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November 12, 2014
08:35 EDTEPDEnterprise Products, Oiltanking Partners enter into merger agreement
Enterprise Products Partners (EPD) and Oiltanking Partners (OILT) announced that Enterprise and Oiltanking Partners have entered into a merger agreement. Under the terms of the merger agreement, Oiltanking Partners would merge with a subsidiary of Enterprise in a unit-for-unit exchange. Unitholders of Oiltanking Partners would receive 1.3 Enterprise common units for each Oiltanking Partners common unit. This exchange ratio represents a 5.6 percent premium to Oiltanking Partners unitholders based on the respective closing prices for Enterprise and Oiltanking Partners common units on September 30, 2014, the day before the merger was originally proposed. Relative to the respective closing prices for Enterprise and Oiltanking Partners common units on November 10, 2014, the day before the parties entered into the merger agreement, the 1.3 exchange ratio represents a 10.4 percent premium to Oiltanking Partners unitholders. Based on the latest cash distribution declared by Enterprise and Oiltanking Partners with respect to the third quarter of 2014, this exchange ratio would result in a 74 percent increase in cash distributions for Oiltanking Partners unitholders. The approval and adoption of the merger agreement require approval by holders of a majority of the outstanding Oiltanking Partners common units. A subsidiary of Enterprise, which will own a sufficient number of Oiltanking Partners common units to approve the merger on behalf of all Oiltanking Partners unitholders, has executed a support agreement with Oiltanking Partners in which it has irrevocably agreed to consent to the merger. This subsidiary will own approximately 54.8 million Oiltanking Partners common units, or approximately 66 percent of the total Oiltanking Partners common units then outstanding, following the conversion of approximately 38.9 million Oiltanking Partners subordinated units into common units. The one-for-one conversion of these subordinated units into common units will occur on November 17, 2014, the business day immediately following payment of the Oiltanking Partners cash distribution scheduled to be paid on November 14, 2014. Approval and adoption of the merger agreement will be submitted to a vote of the unitholders of Oiltanking Partners. Upon completion of the merger, which is expected to occur in early 2015, the total consideration paid by Enterprise for the Oiltanking Partners general partner and related incentive distribution rights and the limited partner units would be approximately $6.0 billion. The merger terms were negotiated, reviewed and approved by the conflicts committee of the board of directors of the general partner of Oiltanking Partners and approved by the board of directors of the general partner of Oiltanking Partners.
08:34 EDTEPDEnterprise Products, Oiltanking Partners enter into merger agreement
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November 10, 2014
09:05 EDTKMPKinder Morgan says ISS, Egan-Jones recommend approval of merger transactions
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