Martin Resource Offers to Buy Remaining Stake in Martin Midstream Partners
(Reuters) — Martin Midstream Partners said on May 24 it received a buyout cash offer of $3.05 per common unit from Martin Resource Management for all the units it does not already own.
Martin Resource Management, a supplier of products and services to drilling rig contractors, currently owns 15.9% of the company. The cash offer values the deal at $100.27 million according to Reuters calculation.
Several large oil and natural gas pipeline firms have restructured in recent years after U.S. regulators no longer allowed such companies to recover an income tax allowance as part of the 1986 Master Limited Partnerships (MLP) legislation.
Under MLPs, as a way to spur energy investment, the oil and gas industry could finance pipeline and storage products allowing them to reap tax benefits.
Martin Midstream was formed in 2002 by Martin Resource Management, which is an independent provider of marketing and distribution of fuel oil, asphalt, diesel fuel and high-quality naphthenic lubricants.
Related News
Related News
- 1,000-Mile Pipeline Exit Plan by Hope Gas Alarms West Virginia Producers
- Valero Plans to Shut California Refinery, Takes $1.1 Billion Hit
- Greenpeace Ordered to Pay $667 Million to Energy Transfer Over Dakota Access Pipeline Protests
- Canada’s Canceled Oil Pipelines: The Projects That Didn’t Make It
- Diversified Energy Closes $42 Million Summit Natural Resources Acquisition
- New Alternatives for Noise Reduction in Gas Pipelines
- Missouri Loses Control Over 1.5 Million-Mile Gas Pipeline Network as Feds Step In
- Enbridge Plans $2 Billion Upgrade for North America’s Largest Crude Pipeline
- South Dakota Governor Signs Bill Banning Eminent Domain for Carbon Pipeline
- Woodside May Delay Final Investment Decision on Louisiana LNG to Q2, CEO Says
Comments