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First Reserve

Company Summary

Recent news

  • 5/26/2022 - Crestwood Equity... (subscriber access)
  • 3/26/2021 - Crestwood Reaches Deal... (subscriber access)
  • 3/5/2021 - PetroShale Enters Into... (subscriber access)
  • 10/21/2020 - Offerers Commence Dutch... (subscriber access)
  • 11/1/2018 - First Reserve Acquiring... (subscriber access)

Company Transactions

Date: 9/30/2022
Type: Acquisition

NOTES:
Crestwood Equity Partners has signed a deal to acquire the remaining 50% equity interest in Crestwood Permian Basin Holdings LLC from First Reserve for $320 million. As part of the deal, First Reserve will fund $75 million into the JV to pay down asset-level debt and fund a portion of Crestwood's cash due to acquire Sendero Midstream. Concurrently, Crestwood will issue First Reserve 11.3MM common units, representing the full transaction value. This will equate to First Reserve owning 10% of Crestwood's common units. Crestwood will also assume $75 million in debt at the JV level.
REGIONS:
  • Permian Basin
  • Date: 12/31/2018
    Type: Acquisition

    BUYERS:
  • First Reserve
  • DETAILS:

    COST: 1.5 $B

    NOTES:
    First Reserve has entered into a deal to purchase Dominion Energy's 50% stake in Blue Racer Midstream for up to $1.5 billion, including $1.2 billion in cash and $300 million in earn-out payments from 2019-2021.
    REGIONS:
  • Marcellus Shale
  • Utica
  • Date: 9/30/2018
    Type: Acquisition

    DETAILS:

    COST: 1.225 $B

    VOLUMES: 25 MBOE/d

    NOTES:
    Kosmos will fund the deal with $925 million in cash and $300 million in common shares issued to First Reserve.
    REGIONS:
  • Gulf of Mexico
  • Date: 9/18/2018
    Type: Acquisition

    SELLERS:
  • Baker Hughes
  • DETAILS:

    COST: 375 $MM

    NOTES:
    Baker Hughes will sell the dresser NGS product line to First Reserve, including 450 employees around the globe and three manufacturing sites. This business provides commercial and industrial natural gas meters and pipeline repair products. Meanwhile, the Talomana Branch of the NGS business will be sold to Pietro Fiorentini S.p.A, including 40 employees and a manufacturing site in Italy.
    REGIONS:
  • International
  • Date: 7/24/2018
    Type: Acquisition

    NOTES:
    Crestwood Permian Basin Holdings has acquired an undivided stake in the first phase of the EPIC NGL Pipeline Project, which runs from the Orla Natural Gas Plant to Benedum, Texas. Crestwood controls 80 Mbbl/d in NGL transport capacity.
    REGIONS:
  • Permian Basin
  • Date: 7/3/2018
    Type: Acquisition

    REGIONS:
  • Eagle Ford
  • Date: 8/4/2017
    Type: Acquisition

    SELLERS:
  • Gas Natural Inc.
  • DETAILS:

    COST: 13.1 Per Share

    NOTES:
    Gas Natural and First Reserve continue to expect to complete the transaction in the second half of 2017.

    Date: 6/5/2017
    Type: Acquisition