Antero Resources. June 2018: Williams divestment of Four Corners G&P assets for $1.125 billion to Harvest Midstream – implied EV/EBITDA multiple of 13.7x; November 2018: Dominion Energy sells its 50% stake in the Blue Racer JV including G&P assets in the Utica basin to First Reserve for $1.5 billion – implied EV/EBITDA multiple of 14-16x; February 2019: Blackstone and GSO Partners … Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support Cardinal NE Midstream … ... Blue Racer Midstream Cardinal NE Midstream … Williams Partners reported unaudited financial results for first quarter 2015, during which time Williams Partners and Access Midstream Partners merged to form one master limited partnership. 4Q Adjusted EBITDA of $1.06 Billion, Up 25% vs. 4Q 2014 on $139 Million in Fee-Based Revenue Growth 4Q DCF of $718 Million, Cash Coverage Ratio of .99x... | January 21, 2021 Ratings could be downgraded should completion delays and/or cost overruns materially erode growth projections or should debt leverage remain over 5.5x. Cabot Oil and Gas. Blue Racer's CFR could be downgraded should a sustained industry slowdown materially reduce throughput volume and EBITDA, further raise counterparty risks, or push the debt-to-EBITDA ratio above 6x. Blue Racer Midstream, LLC is a private midstream company that provides gathering, processing, fractionation and natural gas liquids (NGLs) transportation and marketing services to natural gas producers in the Utica and Marcellus Shale. to the share price, First Reserve’s purchase of 50% of the Blue Racer Midstream from Dominion Energy for US$1.5 billion, at 14x-16x EV/ EBITDA, ArcLight Capital Partners’ US$1.1 billion purchase of Enbridge Inc.’s natural gas gathering and processing infrastructure assets, as well as Canada Pension Plan Investment Board’s C$1.75 billion purchase of various renewable … (2) Williams’ adjusted EBITDA exceeded or was within 2% of the consensus estimate for EBITDA in each quarter 1Q 2016–1Q 2019. Note: EBITDA is Adjusted EBITDA. Caiman Energy II owns a 50 percent interest in Blue Racer Midstream. The period also reflects higher proportional Modified and Adjusted EBITDA driven by the Marcellus South system and Blue Racer Midstream. New York, June 14, 2018 -- Moody's Investors Service ("Moody's") upgraded Blue Racer Midstream, LLC's (BRM) senior unsecured notes to B2 from B3 and simultaneously assigned a B2 rating to the company's proposed $300 million senior unsecured notes, due 2026. Diminished liquidity, including tightening covenant headroom or elevated refinancing risk, could also trigger a downgrade. Although a positive rating action is unlikely in … A reconciliation of all non-GAAP financial measures used in this presentation to their nearest GAAP comparable financial measures are included at the back of this presentation. … Appalachian Midstream Partners. Antero Midstream. The company expects to break ground before year’s … In addition to Cove Point, Dominion has formed JV partnerships for Blue Racer Midstream and the Atlantic Coast Pipeline to both share in the costs and … First Reserve Managing Director Gary Reaves said: “First Reserve has a deep history of investing behind some of North America’s most significant midstream operators. In addition, we have a long history of investing in the … (3) WMB 2017-2019 growth rates based on midpoint of guidance. The B3 rating assigned to Blue Racer… Blue Racer Midstream operates over 1,126km of gathering pipeline and boasts of having 800 million plus cubic feet per day of cryogenic processing capacity. Blue Racer's B1 CFR reflects the company's increasing financial leverage, elevated counterparty risk given the weakening credit profiles of its customers, single asset concentration in the Utica and Marcellus Shale plays and the strong industry headwinds the company will face amid low natural gas prices and reduced producer spending through 2021. This slide contains non-GAAP financial measures. of the Blue Racer Midstream from Dominion Energy for US$1.5 billion, at 14x-16x EV/EBITDA, ArcLight Capital Partners’ US$1.1 billion purchase of Enbridge Inc.’s natural gas gathering and processing infrastructure assets, as well as Canada Pension Plan Investment Board’s C$1.75 billion purchase of various renewable assets from Enbridge Inc. For example, last November, Dominion Energy announced that it would sell its 50% interest in Blue Racer Midstream, a Marcellus and Utica midstream provider, to First Reserve for 14-16x 2018 EBITDA 1. Ratings could be upgraded presuming Blue Racer executes on its growth program, EBITDA exceeds $200 million, leverage approaches 4x and fee-based margins are maintained over 80%. So the decrease in expected adjusted EBITDA also includes a pretty significant reduction from the Blue Racer investment. In addition, we have a long history of investing in the … Boardwalk Pipeline Partners. Energy-focused private equity investment firm First Reserve Corp. agreed to buy Dominion Energy Inc.'s 50% interest in Blue Racer Midstream LLC for up to $1.5 billion. Total asset sales since 2016 excludes $600 million net cash expected at the closing of the Marcellus/Utica JV (see press release dated 03/18/19). The rating also considers … Caiman Energy II owns a 50 percent interest in Blue Racer Midstream. 31, 2020. blue racer midstream / other, 2% conway / ngl services, 2% utica supply hub , 4% haynesville , 4% rockies , 4% barnett / midcon / permian , 5% bradford supply hub , 5% eagle ford , 5% ohio river supply hub , 6% susquehanna supply hub, 10% The Marcellus South, Bradford and Utica midstream gathering and processing operations that … The principal methodology … Unlike most midstream companies in 2019, Blue Racer chose to use equity capital to fund growth, rather than funding through operating company debt. Northeast G&P reported fourth quarter 2015 adjusted EBITDA of $77 million, … TULSA, Okla.--(BUSINESS WIRE)--Williams (NYSE: WMB) today announced its unaudited financial results for the three months ended Mar. Contract obligations are backed by acreage dedications, minimum volume commitments and demand payments, and are generally long … Net loss of $518 million, resulting i Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support Strong Fee-Revenue Drives 1Q 2020 Results. First Reserve managing director Gary Reaves said: “First Reserve has a deep history of investing behind some of North America’s most significant midstream operators. Blue Racer Midstream, LLC (“Blue Racer”) and its wholly owned subsidiary Blue Racer Finance Corp. today announced the pricing of the previously announced offering (the “Notes Offering”) of their senior notes due 2025 (the “senior notes”), which was upsized to $600 million in aggregate principal amount from the originally proposed $550 million offering. The implied EBITDA multiple of about 10x represents a modest premium to the weighted average 2021 EBITDA multiple for the Alerian Midstream Energy Index (AMNA) of 9.77x as of July 3 based on Bloomberg estimates and the average EBITDA multiple for midstream companies focused on the pipeline transportation of natural gas (see our Midstream Screener) of 9.46x. Blue Racer's integrated midstream business is significantly supported by contractual commitments from its customers, with just over 90% of total revenues generated on a fee for service basis for the quarter ended March 31. Higher-risk long-haul transport projects account for $182 million in transportation EBITDA but $254 million in midstream gathering EBITDA. The consideration consists of $1.2 billion in cash and up to $300 million in earn-out payments from 2019 to 2021, based on Blue Racer's performance. While lower Blue Racer EBITDA was part of the reason for low actual distributions, growth capital at Blue Racer was also a factor. Given significant private equity (PE) involvement in midstream ( read more ), PE firms may pursue an IPO as a potential exit if the equity markets for midstream remain constructive. Companies covered in this report include: Part One – Part Two – Alta Resources. Midstream Trading Levels Yield-to-Worst (Since 9/30/18) Effective Spread (Since 9/30/18) 8.5% $80 550 bps 7.5% $ ) 500 bps %)( (bps) ( 472 bps ce 6.448% i Pr ead 450 bps 443 bps 6.5% $60 441 bps Worst S pr 437 bps—$58.52 ude to 400 bps—Cr ve ld 5.5% i ie 5.366% T I ect Y 5.121% W f f 350 bps E 4.5% $40 300 bps Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Sep … Large percentage (over 90%) of fee-based cash flows Limited geographic diversity Reduced volumetric growth rate due to lower commodity prices Elevated adjusted debt leverage above 5x Adequate liquidity The stable rating outlook reflects our view that Blue Racer Midstream LLC will have adequate liquidity while maintaining adjusted debt to EBITDA above 5x through 2017, … activity materially reduces throughput volume and EBITDA or should the debt to EBITDA ratio exceed 6x. Blue Racer Midstream operates over 1,126km of gathering pipeline and boasts of having 800 million plus cubic feet per day of cryogenic processing capacity. Blue Racer Midstream. First Reserve said it plans to fund the transaction in part … West The company's B1 Corporate Family Rating (CFR) and B1-PD Probability of Default Rating (PDR) … EBITDA: EBIT (Earnings Before Interest and Taxes) Net Profit : Trademark Applications Trademark applications show the products and services that Blue Racer Midstream is developing and marketing. It currently delivers rich gas into Blue Racer Midstream’s 600 MMcf/d Natrium processing facility, but XcL is also building its own gas processing complex in Marshall County with planned nameplate capacity of 800 MMcf/d. Blue Racer Midstream doesn't have any recent trademark applications, indicating Blue Racer Midstream is focusing on its existing business rather than … Williams today announced its unaudited financial results for the three months ended Mar. If 2019 was recast to reflect distributable cash in the context of no growth capital, standalone … Gross gathering volumes, including 100% of operated equity-method investments, increased by 4% over the same period in 2019. ETP’s NE PA gathering system will almost double from 16% to 28% of midstream segment EBITDA. Ascent Midstream Partners. 31, 2020. Blue Racer Midstream, LLC ("Blue Racer") and its wholly owned subsidiary Blue Racer Finance Corp. announced today that, subject to market conditions, … Bloomberg reported in late June that privately-owned Blue Racer Midstream was considering an IPO, though details were scant. ...Blue Racer Midstream, LLC's (BRM) core strengths include its growing and well integrated midstream systems in the Utica and Marcellus Shale plays, long term fee-based cash flow streams backed by a diversified group of producers, good organic growth prospects given its location in the liquids-rich parts of the Appalachian basin, reasonable financial leverage and … The initial 200 MMcf/d train is under construction and expected to come online in 2020. Elevated refinancing risk, could also trigger a downgrade 3 ) WMB growth. Higher-Risk long-haul transport projects account for $ 182 million in transportation EBITDA but 254. 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