HF Sinclair Acquires Holly Energy Partners

HollyFrontier and HEP Acquire Sinclair Assets and Establish HF Sinclair Corporation

March 15, 2022

Oil & Gas

HollyFrontier Corporation and Holly Energy Partners, L.P. completed acquisitions of Sinclair Oil Corporation and Sinclair Transportation Company from The Sinclair Companies and established HF Sinclair Corporation as the new public parent. As part of the transaction, HF Sinclair issued approximately 60.2 million shares to Sinclair (about 27% pro forma equity) and HEP issued 21 million common units to Sinclair (about 17% of outstanding units), creating a larger integrated downstream and midstream energy company with expanded refining, renewables and marketing capabilities.

Phillips 66 Acquires Phillips 66 Partners

March 9, 2022

Energy

Phillips 66 completed the previously announced merger to acquire all limited partnership interests of Phillips 66 Partners (PSXP), with partnership unitholders receiving 0.50 shares of PSX common stock for each PSXP unit. As a result, PSXP units ceased public trading effective March 9, 2022, and Phillips 66 consolidated ownership of the midstream assets to simplify its corporate structure and capture synergies.

NGL Energy Partners LP Acquires Hillstone Environmental Partners from Golden Gate Capital

November 1, 2019

Oil & Gas

NGL Energy Partners LP has agreed to acquire all equity interests of Hillstone Environmental Partners LLC from Golden Gate Capital for approximately $600 million. The acquisition adds Hillstone's produced water pipelines and disposal well network in the Northern Delaware Basin to NGL's existing Delaware Basin water platform, increasing disposal and transportation capacity and providing long-term contracted volumes.

Energy Transfer LP to Acquire Crestwood Equity Partners LP

August 16, 2023

Oil & Gas

Energy Transfer LP has entered into a definitive agreement to acquire Crestwood Equity Partners LP in an all-equity transaction valued at approximately $7.1 billion (including assumed debt). The deal extends Energy Transfer’s midstream footprint deeper into the Williston, Delaware and Powder River basins and adds gathering, processing, storage and terminal assets that complement its existing NGL, crude and export capabilities.

Herc Holdings Acquires H&E Equipment Services

February 19, 2025

Industrial Services

Herc Holdings Inc. acquired H&E Equipment Services in a transaction valued at $5.3 billion (including $1.5 billion of assumed debt), after outbidding United Rentals during a go-shop period. Under the terms, H&E shareholders received $78.75 in cash and 0.1287 shares of Herc common stock per share (approximately $104.89 per share based on Herc VWAP), H&E shares ceased trading on NASDAQ, and the combined company expands Herc's footprint, fleet and scale across North America.

Enterprise Products Partners Acquires Piñon Midstream for $950M

August 21, 2024

Energy

Enterprise Products Partners L.P. completed the acquisition of Piñon Midstream, LLC, a Black Bay Energy Capital portfolio company, for $950 million in cash. Piñon provides sour natural gas gathering and treating services (including acid gas injection and carbon sequestration) in the eastern flank of the Delaware Basin, and the deal expands Enterprise's footprint and capabilities in that region.