Noble Midstream Partners and Greenfield Midstream Launch DJ Basin JV to Acquire Saddle Butte Pipeline
Noble Midstream Partners and Greenfield Midstream reported the formation of a joint venture, Black Diamond Gathering.
According to a media release, the JV has entered into definitive agreements to acquire Saddle Butte Rockies Midstream and affiliates for $625 million. Greenfield Midstream is an EnCap Flatrock Midstream portfolio company.
Noble Midstream will fund 50 percent of the purchase price and will receive a 4.4 percent ownership promote in the JV. The Partnership's 54.4 percent ownership of the JV will be held in a Noble Midstream subsidiary, Laramie River DevCo. Greenfield Midstream will own 45.6 percent of the JV.
The group noted, Saddle Butte assets include a large-scale integrated crude oil gathering system in the DJ Basin, consisting of approximately 160 miles of pipeline in operation, 300,000 barrels per day of delivery capacity and approximately 210,000 barrels of crude oil storage capacity. Saddle Butte has approximately 115,000 dedicated acres from six customers under fixed fee arrangements, including approximately 72,000 dedicated acres from PDC Energy. Upon the closing of the acquisition, PDC Energy plans to expand its Saddle Butte acreage dedication to approximately 96,000 acres and extend its dedication by five years, bringing the dedication contract duration to approximately 12 years from close.
Noble Midstream will operate and control the Saddle Butte system upon closing, which is expected in the first quarter of 2018, subject to customary closing conditions, including the receipt of regulatory approvals. Noble Midstream and Greenfield Midstream will jointly provide commercial efforts to attract further producer dedications.
Saddle Butte Acquisition Highlights:
-Expected to be accretive to Noble Midstream's Distributable Cash Flow per unit in year one
-Attractive entry multiple with JV promote in a high-growth asset in a premier liquids basin; expected to compress to organic build-like multiples even without incremental contribution from Noble Midstream or the PDC Energy contract amendment expected upon closing
-Unique operational synergies to existing Noble Midstream infrastructure with greater than $70 million in capital avoidance potential from Laramie River DevCo planned infrastructure expansion and storage
-Significantly expands Noble Midstream's third-party customer base with oil gathering dedications from six customers, including five new NBLX customers
-Average of seven rigs on Saddle Butte dedicated acreage in 2017, bringing Noble Midstream's pro-forma 2017 average rig exposure to 11 in the DJ Basin
-Saddle Butte current throughput of approximately 55 thousand barrels of oil per day
-Crude storage added to Noble Midstream's DJ Basin portfolio with planned connections to all four takeaway pipelines
-JV structure preserves Noble Midstream's attractive long-term leverage objectives
"Saddle Butte is a strategic expansion of our footprint in the DJ Basin, which creates a premier DJ Basin crude gathering system and significantly enhances our third-party customer base. The expanded crude gathering system and JV structure provides Noble Midstream flexibility to enhance returns on future capital projects," stated Terry R. Gerhart, Chief Executive Officer of the general partner of Noble Midstream.
"This acquisition is accretive to our organic financial outlook, competes well with capital returns within the portfolio, and further extends our 20 percent distribution per unit growth horizon while preserving our conservative leverage position. We also remain focused on our objective to generate 50 percent of the Partnership's EBITDA in the Delaware Basin by the end of 2020," added Gerhart.
"We are excited to partner with Noble Midstream on the formation of Black Diamond and look forward to bringing both our commercial and operations expertise to the table," said Greenfield CEO Jeremy L. Ham. "This is a powerful combination. The Denver Julesburg Basin is one of the fastest growing plays in the country, Noble Midstream is a world class midstream provider, and we bring strong producer relationships and a long history of creating value for our stakeholders."
More Information:
http://www.nblmidstream.com
http://www.greenfieldmidstream.com
((Comments on this story may be sent to newsdesk@closeupmedia.com))
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Alexandra Scarborough
Gilt and Sarah Jessica Parker Unveil SJP by Sarah Jessica Parker Bridal Collection for SpringSarah Jessica Parker, in partnership with Gilt, kicked off the exclusive launch of SJP by Sarah Jessica Parker Bridal, Gilt’s first foray into bridal ready-to-wear that would have Carrie Bradshaw swooning.
The collection includes dresses, skirts, bodysuits and other pieces, ranging in price from $295 to $2,395 and from sizes 0 to 14.
"Collaborating with Gilt on my first bridal ready-to-wear collection was an opportunity I couldn't pass up," said Sarah Jessica Parker. "The team there is brilliant and allowed me to be imaginative and take risks as I was designing for the non-traditional bride. It has been quite fun to play around with colors, fabrics and details to create unique pieces for all kinds of brides." The collection, comprised of ten styles, is inspired by Parker's vision of a modern, non-traditional bride, and is designed to dress a woman for a variety of wedding milestone moments; from her bridal shower through her wedding reception. Styles offered are a unique mix of classic dresses and gowns, modern bodysuits, full skirts, and a jumpsuit. The color palette includes traditional bridal white, sleek black, plus pops of blush, poppy, light gray and blue.
Designed in collaboration with Gilt, the collection was produced in New York City utilizing fabrics like cashmere and stretch crepe sourced from Spain, Italy and France.
The pieces all feature carefully curated details like elegant bows, sophisticated cutouts, feathers, intricate embroidery and beautiful hand-stitched beading.
The actress and style icon is no stranger to chic bridal wear. Carrie Badshaw, famously played by Parker, took part in an elaborate bridal photo shoot in Sex and the City: The Movie. The shoot featured gowns from designers like Christian Lacroix and Lanvin. Parker famously wore a black wedding gown for her own wedding to Matthew Broderick in 1997.
"Not only is Sarah Jessica Parker's style known around the world, her point of view is one-of-a-kind," says Tom Ott, Chief Merchant of Gilt. "Sarah Jessica brings her impeccable taste and fashion sensibility to life in this collection. We think our customers will be delighted with the offering which is stylish and well-priced in the bridal category."
As part of the bridal launch, Gilt will also offer 15 exclusive styles from the SJP by Sarah Jessica Parker footwear line, each of which are complementary to the bridal collection.
To correspond with the bridal collection launch, Gilt City will present offers from some of Sarah Jessica Parker's favorite places in New York City.
The offers were each chosen as a way to help brides plan for and celebrate the big day with highlights including, Leather Spa, Lars Nord Studio Tailoring, Mah-Ze-Dahr Bakery, among others.
More Information:
http://www.Gilt.com/SJP -
Alexandra Scarborough
Tea Forté Introduces ‘Matcha’ CollectionConvenience meets tradition in Tea Forté’s new Ceremonial Matcha Bowl Set and the Matcha Single Steeps.
The company said its spring harvested, shade grown, stone ground, organic matcha tea is best served in a centuries-old Japanese tea ceremony called chanoyu: a preparation technique known for its centering meditative qualities.
"The launch of Tea Forté's Matcha collection represents our continued commitment to wellness and cultivating all the potential mental and physical health benefits of tea," says Tea Forté CEO Michael Gebrael. "In addition to our high quality Pure Matcha, we've also blended four distinct flavored Matcha varieties. Prepackaged in pouches measured out for a single serving, our Single Steeps Matcha is ideal for the office, travel, or to keep with you for a boost anytime."
Tea Forté noted its handcrafted ceremonial tea bowl, handmade bamboo whisk and measuring ladle “encourages serene enjoyment of our premium Kosher, gluten-free and vegan matcha blends.” These include: Pure Matcha, Chocolate Matcha, Coconut Matcha, Ginger Matcha, and Chai Matcha.
According to a release, in addition to its distinctive taste, matcha is prized for its health benefits. Steeped green tea contains only the antioxidants that can be extracted in water, while with matcha, the whole leaf is consumed.
Available now in select stores and online at teaforte.com.
QUICK 5
Expedia.com has released a year-end look at U.S. traveler behavior and trends for 2017, analyzing data to identify the most in-demand destinations, hotels, activities and more.
Among other insights, the roundup revealed:
- Labor Day was the busiest weekend for car rental
- Disney Theme Parks topped the list of things to do
- The average hotel stay was two nights
- Top destinations based on 2017 air travel included major global cities like New York, London and Bangkok
- Popular tourist destinations included Orlando, Cancun and Las Vegas