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February 16, 2021News
Pine Run Gathering LLC announced Feb. 16 that it has completed a transaction to acquire Pine Run Midstream LLC from an affiliate of PennEnergy Resources LLC and minority partners for $205 million.
Pine Run Gathering is a joint venture owned by a subsidiary of Stonehenge Energy Resources III LLC, a portfolio company of Energy Spectrum Partners VIII LP, and by a subsidiary of UGI Energy Services LLC (UGIES), which is a subsidiary of UGI Corp.
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PennEnergy, a Pittsburgh-based independent oil and gas company, is a leading Appalachian based producer and anchor customer on the Pine Run system. Stonehenge III is the third partnership between Energy Spectrum Capital and Stonehenge Energy Resources management. The transaction will be financed with equity capital from both Stonehenge III (51 percent) and UGIES (49 percent) as well as a senior secured loan credit facility.
Once you sort through all of the subsidiaries of subsidiaries of subsidiaries, you'll find this news from a press release we spotted this morning: PennEnergy Resources has sold a gathering pipeline system in western Pennsylvania, called Pine Run Midstream, to a joint venture partnership between venture capital firm Energy Spectrum Partners (based in Texas) and utility/pipeline company UGI (based in Pennsylvania). Sale price: $205 million. You'll see in the press release below that a company called Stonehenge III (a subsidiary of Stonehenge Energy Resources, which is itself a portfolio company of Energy Spectrum Partners) will own the majority of the Pine Run Midstream gathering system at 51%, while UGI Energy Services (UGIES), a subsidiary of UGI, will own 49%. Pine Run Midstream is a 43-mile gathering pipeline located in Butler and Armstrong counties in PA. The reason for the purchase is obvious when you view the map below: As you can see, both UGI and Stonehenge own other p
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