Summit Midstream Partners LLC is buying Blackhawk Midstream LLC’s interest in two oil-gathering companies based in Ohio.
The two companies — Ohio Gathering Co. LLC and Ohio Condensate Co. LLC — own, operate and develop midstream oil and natural gas resources throughout southeastern Ohio. The companies’ assets also include both liquid and dry natural gas gathering systems, as well as transportation and storage facilities.
Ohio Gathering is currently owned through a joint venture between MarkWest Energy Partners LP and the Energy and Minerals Group. Blackhawk is a 50/50 joint venture between Gulfport Energy Corp. (Nasdaq: GPOR) and Wexford Capital LP.
Ohio Condensate is majority owned by MarkWest Utica EMB Condensate LLC, a separate joint venture between MarkWest and EMB.
Dallas-based Summit is a midstream energy company that focuses on acquiring and developing assets in unconventional resource basins such as the Utica Shale, which spans most of New York and into Pennsylvania, Ohio, West Virginia, Kentucky, Maryland, Tennessee and some parts of Ontario and Quebec in Canada.
Barclays Capital Inc. acted as Summit Investments’ financial adviser, while Vinson & Elkins LLP provided legal advice.
Other recent energy deals include BreitBurn Energy Partners LP’s (Nasdaq: BBEP) purchase of oil and natural gas properties in Texas for $282 million, and Riverstone Holdings LLC’s $200 million investment in Abaco Energy Technologies LLC.