- The merger mania in U.S. oil has spread to midstream.
- Occidental Petroleum, which has recently announced a $12-billion deal to buy CrownRock, is now considering a sale of its $20 billion natural gas pipeline operator Western Midstream Partners.
- Last year, ONEOK said it would buy Magellan Midstream Partners in a cash-and-stock deal valued at $18.8 billion, creating a combined U.S. oil and gas pipeline giant with a total enterprise value of $60 billion.
While the upstream mega deals in the U.S. shale patch have been drawing the most market attention, pipeline operators are also embarking on a merger spree in a quest to add scale, optimize assets, and gain more exposure to export markets.
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Source: Oil Price
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