Stock:
Symbol Lookup
Register | Login
...
History
...
...

Pre Market | Dow Jones | Gold | Newsletters | Learn


Atlas Pipeline Partners - APL - To Acquire Cardinal Midstream

Tuesday, December 4, 2012 10:17 AM
Atlas Pipeline Partners, L.P. (NYSE: APL) announced that the Partnership has executed a definitive agreement to acquire all equity interests representing all of the operating assets of Cardinal Midstream, LLC ("Cardinal"), a privately owned midstream operator, for $600 million in cash.  The transaction, which is expected to close by the end of 2012, is subject to certain regulatory approvals, customary closing conditions, and purchase price adjustments. Partnership to acquire all operating assets from Cardinal Midstream, LLC
  • Transaction is expected to be immediately accretive to DCF by 3% to 5% in 2013 and 8% to 10% in 2014
  • Atlas Pipeline increases 2013 EBITDA guidance by over 20% to $310 to $360 million
  • Provides new entry as the largest midstream processer in liquids-rich basin of Arkoma-Woodford
  • Majority of Cardinal Midstream's cash flows derived from fixed fee contracts
  • Acquisition includes 60% operated interest in Centrahoma JV with MarkWest Energy Partners
  • Owned and/or operated assets include 220 MMcfd of processing capacity and associated gathering lines as well as gas treating business
As a result of the transaction, the partnership is increasing EBITDA guidance for 2013 by over 20% from $250-300 million to $310-360 million.  The transaction is expected to be immediately accretive to distributable cash flow per unit by 3-5% in 2013 and 8-10% in 2014.  Expected EBITDA from the Cardinal assets is forecasted to be approximately $60 million in 2013, and approximately $70 million and $80 million in 2014 and 2015, respectively. The owned and/or operated assets will include three cryogenic processing plants totaling 220 MMcfd in processing capacity, 66 miles of associated gathering pipelines, and a gas treating business that includes 17 treating facilities located in numerous hydrocarbon basins.  Over 80% of Cardinal's current gross margin is derived from fixed fee contracts. About Atlas Pipeline Partners, L.P. - APL Atlas Pipeline Partners, L.P. (APL) is active in the gathering and processing segments of the midstream natural gas industry.  In Oklahoma, southern Kansas, northern and western Texas, and Tennessee, APL owns and operates nine active gas processing plants as well as approximately 9,700 miles of active intrastate gas gathering pipeline.  APL also has a 20% interest in West Texas LPG Pipeline Limited Partnership, which is operated by Chevron Corporation. About Atlas Energy, L.P. - ATLS Atlas Energy, L.P. (NYSE: ATLSis a master limited partnership which owns all of the general partner Class A units and incentive distribution rights and an approximate 43% limited partner interest in its upstream oil & gas subsidiary, Atlas Resource Partners, L.P. Additionally, Atlas Energy owns and operates the general partner of its midstream oil & gas subsidiary, Atlas Pipeline Partners, L.P., through all of the general partner interest, all the incentive distribution rights and an approximate 11% limited partner interest.
PRINT

FREE Options Trading Lessons
I'll show you how to unlock HUGE Gains with Options Trading
Let's make 2015 the year you get RICH!

Latest Headlines

China's Premier Li sees growth of 7.0 percent in 2015China's Premier Li sees growth of 7.0 percent in 2015
SANTIAGO (Reuters) - China`s economy is expected to grow at 7.0 percent this year, Chinese Premier Li Keqiang said on Monday. Speaking at the headquarters of the United Nations` Latin American arm E...
Iceland to introduce bill to lift capital controls this weekIceland to introduce bill to lift capital controls this week
REYKJAVIK (Reuters) - Iceland`s government plans to introduce a bill to parliament this week outlining measures to start the process of lifting capital controls, Prime Minister Sigmundur Gunnlaugsson ...
G7 finance ministers will discuss recent forex moves: Canada G7 finance ministers will discuss recent forex moves: Canada
OTTAWA (Reuters) - Finance ministers and central bankers from the Group of Seven industrialized nations will discuss recent foreign exchange movements when they meet in Germany this week, a Canadian o...
G7 finance ministers to discuss recent forex moves -CanadaG7 finance ministers to discuss recent forex moves -Canada
OTTAWA (Reuters) - Finance ministers and central bankers from the Group of Seven industrialized nations will discuss recent foreign exchange movements when they meet in Germany this week, a senior Can...
China's Li looks to boost use of yuan in Latin AmericaChina's Li looks to boost use of yuan in Latin America
SANTIAGO (Reuters) - Chile`s central bank and the People`s Bank of China are clearing a path for the use of the Chinese yuan in South America as the two countries look to strengthen their trade relati...

Loading Headlines...
 

Stock Market

Track the stock market today with the latest news and information on all things investing! Watch your stocks perform throughout the day and watch the breaking stock market news.

Feedback | disclaimer | privacy policy

Stock Market News

The Stock Market is ever changing. Keep up on your stock market news.

Stock Market Newsletters

Read up on your favorite stock market newsletters.


Learn the Stock Market

Sharper your stock trading skills with our stock market education section.

Algorithm Based
Trade Signals
arrow
swing trades FREE Swing Trade Ideas Clear, simple swing trades.
small cap swing trades Futures Day Trading System S&P + Crude Oil Signals
Autotrading Autotrade Stocks Try for Free!