Summit Midstream Completes Acquisition of Tall Oak Midstream III
12/3/2024
(P&GJ) — Summit Midstream Corporation (SMC) has finalized its acquisition of Tall Oak Midstream III from Tailwater Capital.
The deal includes cash, equity considerations, and potential contingent payments. This acquisition significantly boosts Summit’s natural gas portfolio, bringing its balance to about 50% natural gas-focused operations.
Shareholders approved the acquisition during a virtual meeting, with nearly 77% participation and almost unanimous support. Summit’s leverage ratio, following this transaction, stands at approximately 3.8 times, as of Sept. 30.
This move aligns with Summit’s strategy to enhance scale and creditworthiness while expanding its natural gas infrastructure.
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Pipeline Project Spotlight
Owner:
East African Crude Oil Pipeline Company
Project:
East African Crude Oil Pipeline (EACOP)
Type:
TotalEnergies in discussions with a Chinese company after Russian supplier Chelpipe was hit by sanctions.
Length:
902 miles (1,443 km)
Capacity:
200,000 b/d
Start:
2022
Completion:
2025
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