Shell Midstream Partners, L.P has signed a pact to acquire a 2.62% stake in Explorer Pipeline Company (EPC).
EPC owns a 1,830-mile pipeline with an average flow of more than 600,000 barrels a day.
Scheduled for completion in August 2016, the acquisition will allow Shell Midstream to expand its pipeline operations.
Royale Energy, Inc. has signed a letter of intent to merge with Matrix Oil Corp.
Under the proposed merger valued at $41.5m, Royale will issue one share of common stock for each share held by Matrix shareholders.
Upon closure of the transaction in the fourth quarter of 2016, the new entity will have an estimated production capacity of 650 barrels of oil equivalents a day (boed).
Northland Capital Markets is the financial advisor to Royale on the transaction, while Porter Hedges LLP and Strasburger & Price, LLP are the legal advisors to Matrix and Royale respectively.
Phillips 66 Partners LP is in the process of acquiring an additional 2.5% interest in Explorer Pipeline Company (EPC), which will increase its total stake in EPC to 22%.
The purchase consideration will be funded by Phillips 66 through a combination of cash and borrowings.
Scheduled for completion in August 2016, the deal will allow Phillips 66 to expand its midstream business.
