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Researched by Industrial Info Resources (Sugar Land, Texas)--Oil & Gas producer Devon Energy Corporation (NYSE: DVN) (Oklahoma City) said Wednesday it will sell its EnLink Midstream (Dallas, Texas) stakes to an affiliate of Global Infrastructure Partners (GIP) (New York City, New York) for $3.1 billion. EnLink executives welcomed the move, saying it is in line with their growth strategy. Industrial Info is tracking 20 active EnLink-related projects valued at nearly $613 million in Oklahoma, Texas and Louisiana.
Devon will sell its ownership interests in EnLink Midstream Partners, LP (NYSE: ENLK) and EnLink Midstream, LLC (NYSE: ENLC). The transaction is expected to close early in the third quarter this year, the companies said. Devon will use the sale proceeds to decrease its consolidated debt by 40%, the company said. For more information on Devon, see May 3, 2018, article - Devon Energy Boosts U.S. Production Outlook, Industrial Info Tracks $715 Million in U.S. Projects.
EnLink will continue to work with Devon in the Sooner Trend, Anadarko, Canadian and Kingfisher (STACK) play in Oklahoma, redevelop the Barnett Shale in Texas, and new potential project opportunities, such as crude gathering in the Delaware Basin in West Texas and southeast New Mexico, according to an EnLink press release. Devon has agreed to extend certain, existing, fixed-fee gathering and processing contracts related to plants in Oklahoma and Texas for five years through 2029.
One of the EnLink projects being tracked by Industrial Info is the $300 million Thunderbird cryogenic natural gas processing plant in Kingfisher, Oklahoma, which is being developed with Devon. Kahuna Ventures LLC (Westminster, Colorado) is the engineering, procurement and construction (EPC) firm for the project. For more information, see Industrial Info's project report. For more information on projects in Oklahoma, see April 24, 2018, article - Oklahoma! Where Nearly $11 Billion in Projects Are Sweeping Down the Plain. Also, see May 18, 2018, article - Kahuna Ventures at Work on $1.5 Billion Worth of Natural Gas Projects.
In Bristow, Oklahoma, EnLink is performing an economic evaluation for a $10 million natural gas compressor station Phase II expansion in the CNOW (Central Northern Oklahoma Woodford) Field. The project would install two 1,100-horsepower Caterpillar Incorporated (NYSE:CAT) (Peoria, Illinois) 3516 engine-driven gas compressor packages with auxiliary equipment to provide low-pressure gathering compression to supply wet natural gas sourced from the Woodford shale play to the Battle Ridge natural gas processing plant in Cushing, Oklahoma. For more information see Industrial Info's project report.
Near Tarzan, Texas, EnLink is working on a market analysis for a planned $100 million second train at the Riptide Cryogenic Natural Gas Processing Plant. The second train would double the capacity of the plant to 200 million standard cubic feet per day. To process natural gas from the Permian Basin, the new train could be completed by mid-2019. For more information, see Industrial Info's project report.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
Devon will sell its ownership interests in EnLink Midstream Partners, LP (NYSE: ENLK) and EnLink Midstream, LLC (NYSE: ENLC). The transaction is expected to close early in the third quarter this year, the companies said. Devon will use the sale proceeds to decrease its consolidated debt by 40%, the company said. For more information on Devon, see May 3, 2018, article - Devon Energy Boosts U.S. Production Outlook, Industrial Info Tracks $715 Million in U.S. Projects.
EnLink will continue to work with Devon in the Sooner Trend, Anadarko, Canadian and Kingfisher (STACK) play in Oklahoma, redevelop the Barnett Shale in Texas, and new potential project opportunities, such as crude gathering in the Delaware Basin in West Texas and southeast New Mexico, according to an EnLink press release. Devon has agreed to extend certain, existing, fixed-fee gathering and processing contracts related to plants in Oklahoma and Texas for five years through 2029.
One of the EnLink projects being tracked by Industrial Info is the $300 million Thunderbird cryogenic natural gas processing plant in Kingfisher, Oklahoma, which is being developed with Devon. Kahuna Ventures LLC (Westminster, Colorado) is the engineering, procurement and construction (EPC) firm for the project. For more information, see Industrial Info's project report. For more information on projects in Oklahoma, see April 24, 2018, article - Oklahoma! Where Nearly $11 Billion in Projects Are Sweeping Down the Plain. Also, see May 18, 2018, article - Kahuna Ventures at Work on $1.5 Billion Worth of Natural Gas Projects.
In Bristow, Oklahoma, EnLink is performing an economic evaluation for a $10 million natural gas compressor station Phase II expansion in the CNOW (Central Northern Oklahoma Woodford) Field. The project would install two 1,100-horsepower Caterpillar Incorporated (NYSE:CAT) (Peoria, Illinois) 3516 engine-driven gas compressor packages with auxiliary equipment to provide low-pressure gathering compression to supply wet natural gas sourced from the Woodford shale play to the Battle Ridge natural gas processing plant in Cushing, Oklahoma. For more information see Industrial Info's project report.
Near Tarzan, Texas, EnLink is working on a market analysis for a planned $100 million second train at the Riptide Cryogenic Natural Gas Processing Plant. The second train would double the capacity of the plant to 200 million standard cubic feet per day. To process natural gas from the Permian Basin, the new train could be completed by mid-2019. For more information, see Industrial Info's project report.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
