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Black Bear Roars with Success: Mississippi Gas Gathering Assets Sold
07/03/2023
Skye MS LLC purchased a package deal from Black Bear, which included over 120 miles of natural gas pipelines and eight active metered locations.
Black Bear Transmission LLC, based in Houston, successfully finalized the sale of gas gathering assets owned by BBT Mississippi LLC (BBT MS) to Skye MS LLC of Columbia, Mississippi. The specific amount of the transaction remains undisclosed.
BBT MS is the proud owner and operator of a fee-based, natural gas transmission system that efficiently supplies gas to utility, industrial, and power generation customers. It facilitates the connection of wellhead production in Mississippi to regional long-haul pipelines.
Based on the information available on Black Bear's website, BBT MS boasts an extensive asset portfolio, which includes:
- 1,405 miles of pipeline with a daily capacity of up to 830,000 MMBtu.
- The system is equipped with 8,101 horsepower of compression and has established 20 interstate pipeline connections.
- This asset sale encompasses a remarkable package, including over 120 miles of natural gas pipelines and eight operational metered locations.
- Transfer of over 700 miles of supply-driven gathering pipelines, along with 20 compressors and 250 metering stations.
Scott Langston, the senior vice president and chief commercial officer of Black Bear, highlighted the company's successful track record of transferring significant assets over the past three years.
“We will continue to identify and advance all opportunities to improve our business via corporate development and organic growth initiatives,” he said.
Divestiture in BBT MS Transaction
Black Bear CEO Rene Casadaban reiterates commitment to core business and safe, reliable service
In an ongoing effort to streamline their pipeline portfolio, Black Bear CEO Rene Casadaban emphasizes the significance of the BBT MS transaction. The divestment of non-core, production-focused assets aligns with the company's mission to maintain and expand their market-driven natural gas transmission network.
With ownership of 12 regulated natural gas pipelines spanning over 1,900 miles, Black Bear Transmission boasts a remarkable total delivery capacity exceeding 2.6 Bcf/d. These pipelines are seamlessly integrated into 18 major long-haul pipelines, effectively supplying customers in Alabama, Arkansas, Louisiana, Mississippi, Missouri, Oklahoma, and Tennessee.
About Black Bear Transmission
- Black Bear Transmission, LLC is a natural gas transportation company based in Houston, TX.
- They transport and deliver natural gas to utility, power generation, and industrial customers in the Southeast United States.
- The company owns and operates 12 regulated natural gas pipelines spanning over 1,900 miles.
- The total delivery capacity of these pipelines is more than 2.6 billion cubic feet (Bcf) per day.
- Black Bear's pipelines are connected to 18 major long-haul pipelines, ensuring a reliable gas supply to customers across seven states: Alabama, Arkansas, Louisiana, Mississippi, Missouri, Oklahoma, and Tennessee.
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Civitas Makes $4.7B Entry into Permian Basin
Civitas Resources Expands into Denver-Julesburg Basin through $4.7B Cash and Stock Deals for NGP's Tap Rock and Hibernia. Civitas Resources has recently secured two definitive agreements to expand its presence in the Permian Basin's Midland and Delaware basins. The company will achieve this expansion through the acquisition of two private exploration and production companies, namely Hibernia Energy III LLC and Tap Rock Resources LLC. The total value of the deal, paid in both cash and stock, amounts to $4.7 billion. Both Hibernia Energy III LLC and Tap Rock Resources LLC are supported by NGP Energy Capital Management LLC. These acquisitions reflect the increasing demand for oil and gas reserves in the Permian Basin, with companies specializing in the region actively seeking new opportunities. Currently, Civitas Resources' primary production operations are focused in the Denver-Julesburg Basin (D-J Basin).
Multi-Billion Dollar Deal: Ovintiv to Expand Midland Basin Portfolio with EnCap Acquisition and Exit Bakken
Ovintiv Strikes Billion-Dollar Oil Deal, Doubling Production in Permian Basin with EnCap's Black Swan, PetroLegacy, and Piedra Resources. The deal, which was approved unanimously by Ovintiv's board, is slated to close on June 30. With over $5 billion in transactions announced on April 3, Ovintiv is set to expand its oil production by snatching up 65,000 net acres in the core of the Midland Basin. The deal with EnCap will give them a strategic edge in Martin and Andrews counties, Texas, with approximately 1,050 net, 10,000-ft well locations added to their inventory.
The Williston Basin is a big area filled with layers of rock that sits next to the Rocky Mountains in western North Dakota, eastern Montana, and the southern part of Saskatchewan in Canada. This area covers roughly 110,000 square miles. Geologically, it's very similar to the Alberta Basin in Canada. People started drilling for oil in the Williston Basin back in 1936, and by 1954, most of the land where oil could likely be found was already claimed for drilling. The Bakken Formation with parts of Montana, North Dakota, Saskatchewan, and Manitoba has become one of only ten oil fields globally to yield over 1 million barrels per day (bpd) since the late 2000s. It is currently the third-largest U.S. shale oilfield, behind the Permian and Eagle Ford. The boom in the Bakken started around September 2008, coinciding with the U.S. housing market crash. The application of new technologies, such as swell packers enabling multiple-stage fracturing, significantly enhanced oil recovery, making the Bakken Formation a key player in the U.S. In 2022, the Bakken oil field saw big improvements in how much oil and gas it could produce. At the start of the year, 27 drilling rigs were working there, more than double the 11 rigs from the start of 2021. Important upgrades included making the Tioga Gas Plant able to process 150 million cubic feet more gas each day, and making the Dakota Access Pipeline bigger, increasing its oil transport capacity from 570,000 to 750,000 barrels every day.
Continental Resources is expanding its operations in the Midland Basin, including taking over some assets that used to belong to Occidental Petroleum. The company plans to use its expertise in exploration in this area.
Equinor and EQT Corporation have agreed that Equinor will exchange its operated assets in the Marcellus and Utica shale formations in Ohio for a stake in EQT’s non-operated interests in the Northern Marcellus formation.