Devon Midstream Partners Files for IPO of Up to $400M
Sept 27 (Reuters) - Devon Midstream Partners L.P. filed with U.S. regulators on Friday to raise up to $400 million in an initial public offering of its common units.
The Oklahoma-based company was formed by oil and gas company Devon Energy Corp to process and transport natural gas, primarily for Devon.
The master limited partnership (MLP) structure allows certain companies to raise money in the stock market, while having income taxed only at the unit holder level, avoiding corporate income taxes.
Another MLP, Valero Energy Partners, last week filed to raise up to $345 million in an initial public offering. The company was formed by Valero Energy Corp, the largest U.S. refiner.
Merrill Lynch, Pierce, Fenner & Smith Inc and Barclays are the lead underwriters to the offering, Devon Midstream Partners said in the filing.
The company intends to list its common units on the New York Stock Exchange under the symbol "DVNM".
Net income attributable to Devon Midstream Partners was $21.9 million on a pro forma basis for the six months ended June 30, according to the filing.
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- US Shale Producers Promise both Higher Output and Returns (Nov 03)
- Devon Energy 3Q Profit Beats Estimates (Oct 31)
- Shale Drillers Show Few Signs of Slowing as Profits Expand (Aug 02)
Company: Valero Energy Corp. more info
- Oil Refiners Shrug Off Harvey to Rake in Fat Post-Storm Profits (Oct 25)
- Contractor Died at Valero Corpus Christi Refinery-Company (Oct 06)
- Far From the Texas Coast, Hurricane Harvey Hits Oil Refiners (Sep 19)