Chesapeake Midstream Partners, L.P. Announces Global Infrastructure Partners’ Purchase of Chesapeake Energy Corporation’s...
08 Juin 2012 - 2:03PM
Business Wire
Chesapeake Midstream Partners, L.P. (NYSE:CHKM) today announced
that Global Infrastructure Partners has agreed to acquire all of
Chesapeake Energy Corporation’s (NYSE:CHK) (Chesapeake) ownership
interest in CHKM for $2.0 billion. The acquisition, which is
expected to close by June 29, 2012, will result in GIP’s ownership
of 100% of CHKM’s general partner interest and 69% of CHKM’s
limited partner units. Concurrent with this announcement, GIP
signed a letter agreement to acquire certain midstream assets from
Chesapeake Midstream Development (CMD), Chesapeake’s wholly owned
midstream subsidiary, and CHKM signed a letter agreement to acquire
from Chesapeake certain Mid-Continent gathering and processing
assets.
CHKM’s existing business model and strategic assets continue to
provide a leading platform of organic and inorganic growth
opportunities and the transaction supports an enhanced strategic
emphasis on expanding services to additional third party producers.
The letter agreements provide further opportunities with respect to
growth assets in Chesapeake’s portfolio for years to come. CHKM
remains committed to executing on an unchanged best-in-class
business model. CHKM benefits from a contractual structure that
contains fixed fee revenue terms, long-term acreage dedications,
minimum volume commitments, fee redeterminations and annual fee
escalations, each of which contributes to generating predictable,
stable and growing cash flows. CHKM’s existing assets are located
in leading basins and have over $1.2 billion of organic growth
capital requirements during 2012 and 2013. Also unchanged is CHKM’s
commitment to maintaining a conservative balance sheet and
investment grade credit metrics. The management team remains
unchanged and will continue to leverage all of these business
strengths to deliver best in class investor returns with a low risk
business platform.
Extending Financial Outlook through
2013
CHKM is affirming ebitda guidance for the twelve months ended
December 31, 2012 of $475 million with expansion capital
expenditures of $660 million and maintenance capital expenditures
of $74 million. In addition, CHKM is projecting organic ebitda for
the twelve months ended December 31, 2013 of $550 to $575 million
with expansion capital expenditures of $550 to $600 million and
maintenance capital expenditures of approximately $74 million.
Management Comments
J. Mike Stice, Chesapeake Midstream Partners’ Chief Executive
Officer, commented, “I’m excited that GIP has made this commitment
to acquire a larger ownership stake in CHKM. GIP has been an
outstanding sponsor and partner for CHKM over the past three years
and I look forward to the opportunity to continue that
relationship. This new ownership structure creates an independent
MLP and enhances CHKM’s ability to execute on its low-risk business
model and industry leading growth opportunities.”
Global Infrastructure Partners
Comments
Matthew Harris, GIP Partner, commented, “GIP is pleased to be
able to make a new investment in CHKM. We believe in the best in
class business model, the strategic asset base and the outstanding
management team. CHKM has demonstrated industry leading performance
since our initial investment and the business is a strong fit for
our portfolio. We think the new ownership structure provides a
stable platform for executing on the vast growth opportunities in
the business.”
Conference Call Information
A conference call hosted by CHKM’s management team to discuss
GIP’s acquisition has been scheduled for Friday, June 8, 2012 at
11:00 a.m. EDT. Presentation materials to be referenced during the
discussion will be available just prior to the call and can be
accessed by going to the main page of CHKM’s website at
www.chkm.com. The telephone number to access the conference call is
719-325-4841 or toll-free 877-874-1568. The passcode
for the call is 3126124. We encourage those who would like
to participate in the call to dial the access number between 10:50
and 11:00 a.m. EDT. For those unable to participate in the
conference call, a replay will be available for audio playback from
5:00 p.m. EDT on June 8, 2012 through 5:00 p.m. EDT on June 22,
2012. The number to access the conference call replay is
719-457-0820 or toll-free 888-203-1112. The passcode
for the replay is 3126124. The conference call will also be
webcast live on the Internet and can be accessed by going to the
"Events" subsection of the "Investors" section of CHKM’s website.
An archive of the conference call webcast will also be available on
the website.
Chesapeake Midstream Partners, L.P. (NYSE:CHKM) is the
industry’s largest gathering and processing master limited
partnership as measured by throughput volume and owns, operates,
develops and acquires natural gas gathering systems and other
midstream energy assets. Headquartered in Oklahoma City,
CHKM's operations are focused on the Barnett Shale, Haynesville
Shale, Marcellus Shale and Mid-Continent regions of the U.S.
CHKM’s common units are listed on the New York Stock Exchange
under the symbol CHKM. Further information is available
at www.chkm.com where
CHKM routinely posts announcements, updates, events, investor
information and presentations and all recent press
releases.
This press release includes forward-looking statements.
Forward-looking statements give our current expectations or
forecasts of future events. They include but are not limited to our
business strategy and plans and objectives for future operations.
We caution you not to place undue reliance on our forward-looking
statements, which speak only as of the date of this release, and we
undertake no obligations to update this information. Although we
believe the expectations and forecasts reflected in these and other
forward-looking statements are reasonable, we can give no assurance
they will prove to be correct. They can be affected by inaccurate
assumptions or by known or unknown risks and uncertainties. Factors
that could cause actual results to differ materially from expected
results are described under “Risk Factors” in our 2011 Annual
Report on Form 10-K.
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