Bank of America Investment Banking Pitch Book
Appendix
Negotiated Merger Timing and Vote Analysis in Selected Precedent MLP Take Privates
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18.
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
19
Date of
Initial Offer
1/11/2022
TBD
10/8/2021
8/5/2021
4/6/2021
2/5/2021
8/18/2020
10/5/2020
6/16/2020
2/3/2020
8/27/2019
1/28/2019
9/27/2018
11/28/2018
7/11/2018
9/19/2018
10/30/2018
9/19/2018
9/22/2018
6/8/2018
5/17/2018
5/17/2018
5/17/2018
5/17/2018
7/24/2018
5/16/2018
4/14/2018
2/21/2018
11/29/2017
10/16/2017
7/20/2017
3/2/2017
1/24/2017
12/5/2016
9/26/2016
5/6/2016
9/24/2015
10/23/2015
4/17/2015
12/2/2014
1/16/2015
Source:
Note:
(1)
(2)
(3)
(4)
Date of Def.
Agreement
6/2/2022
5/16/2022
4/22/2022
12/20/2021
10/27/2021
3/5/2021
10/23/2020
12/15/2020
7/27/2020
2/27/2020
12/16/2019
4/2/2019
3/18/2019
2/5/2019
11/26/2018
11/26/2018.
11/8/2018
10/22/2018
10/18/2018
10/9/2018
9/18/2018
9/18/2018
9/17/2018
8/24/2018
8/2/2018
6/19/2018
5/17/2018
3/26/2018
1/2/2018
11/8/2017
8/14/2017
5/8/2017
2/1/2017
1/27/2017
11/1/2016
5/31/2016
11/3/2015
12/21/2015
5/6/2015
4/6/2015
1/26/2015
Me an
Median
TBD
4/5/2022
3/9/2022
5/11/2021
12/30/2020
3/3/2021
9/28/2020
6/17/2020
4/17/2020
8/21/2019
7/23/2019
6/28/2019
2/26/2019
1/28/2019
2/28/2019
1/25/2019
1/10/2019
3/12/2019
12/20/2018
12/20/2018
11/8/2018
12/17/2018
10/19/2018
9/20/2018
8/10/2018
6/30/2018
4/26/2018
2/7/2018
10/30/2017
9/15/2017
6/30/2017
4/27/2017
2/17/2017
9/30/2016
2/17/2016
6/23/2016
9/30/2015
7/22/2015
4/30/2015
Me an
Me di an
Date of
Close
TBD
Me an
Median
TBD
Days from Initial Offer
to Defnitive Agreement
142
TBD
196
137
204
28
66
71
41
24
111
64
172
69
138.
68
9
33
26
123
124
124
123
99
9
34
33
33
34
23
25
67
8
53
36
25
40
59
19
125
10
Overall Summary
71
56
Publicly Negotiated Summary
99
105
Privately Negotiated Summary
52
33
Days from Initial
Offer to Close
TBD
TBD
TBD
243
337
95
134
149
104
135
234
205
299
212
230
131
121
128
110
277
217
217
175
214
87
127
118
129
148
114
102
197
157
143
144
147
146
244
166
232
104
170
148
194
214
155
135.
Hartree Partners LP
Diamondback Energy, Inc.
Ergon, Inc.
bp p.l.c.
Phillips 66
Chevron Corporation.
CONSOL Energy Inc
TC Energy Corporation.
CNX Resources Corporation
Equitrans Midstream Corp.
Blackstone
UGI Corporation
ArcLight Capital Partners
SunCoke Energy, Inc.
ArcLight Capital Partners.
Dominion Energy Inc
Westem Gas Equity Partners, LP
Parent
EnLink Midstream LLC
Valero Energy Corporation
Antero Midstream Corp.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Energy Transfer Equity
Cheniere Energy, Inc.
Williams Companies, Inc.
Tallgrass Energy LP
Archrock Inc.
Delek US Holdings Inc
Andeavor Logistics LP
VTTI B.V.
ONE OK, Inc.
Enbridge Inc.
TC Energy Corporation
SemGroup Corporation
Targa Resources Corp.
Westem Refining, Inc.
Crestwood Equity Partners LP
Tesoro Logistics LP
Energy Transfer Partners, L.P.
Accounts for units owned by management pledged to vote in favor of merger.
Accounts for units owned by CEQP and Crestwood Holdings LLC.
MLP
Sprague Resources LP
Rattler Midstre am LP
BlueKnight Energy Partners LP.
BP Midstream Partners LP
Phillips 66 Partners
Noble Midstre am Partners LP
CONSOL Coal Resources LP
TC Pipe Lines, LP
CNX Midstream Partners LP
EQM Midstre am Partners LP
Tallgrass Energy LP
AmeriGas Partners LP
American Midstre am Partners, LP
SunCoke Energy Partners LP
TransMontaigne Partners L.P.
Dominion Energy Midstream Partners LP
Westem Gas Partners, LP
EnLink Midstre am Partners, L.P.
Valero Energy Partners LP
Antero Midstre am Partners LP
Enbridge Energy Partners, L.P.
Enbridge Energy Management, L.L.C.
Enbridge Income Fund Holdings Inc.
Spectra Energy Partners, LP
Energy Transfer Partners, L. P.
Cheniere Energy Partners
Williams Partners, L.P.
Tallgrass Energy Partners LP.
Archrock Partners LP
Alon USA Partners LP
Westem Refining Logistics, LP
VTTI Energy Partners LP
ONEOK Partners, L.P.
Midcoast Energy Partners LP
Columbia Pipeline Partners LP
Rose Rock Midstre am, L.P.
Targa Resources Partners LP
Northem Tier Energy LP
Crestwood Midstream Partners LP
QEP Midstream Partners LP
Regency Energy Partners LP
Company filings, Wall Street Research and FactSet.
Includes selected public MLP take private transactions since 2015. Excludes transactions completed with a tender offer.
Values in USD. Based on consideration paid to unaffiliated unitholders.
Reflects initial public proposal from Chevron Corporation. A definitive agreement has not been reached.
Deal Size
(SMM)
$127
575
301
723
3,450
494
34
1,678
356
2,283
3,535
2,444
204
271
535
912
5,056
4,883
951
2,682
3,442
1,000
3,603
3,276
26,856
580
10,671
1,685
607
159
733
471
6,122
83
915
387
6,083
1,506
3,002
382
8,668
Publicly Negotiated
Consideration
100% Cash
100% Stock
100% Cash
100% Stock
100% Stock
100% Stock
100% Stock
100% Stock
100% Stock
100% Stock
100% Cash
78% Stock
22% Cash
100% Cash
100% Stock
100% Cash
100% Stock
100% Stock
100% Stock
100% Cash
90% Stock
10% Cash
100% Stock
100% Stock
98% Stock
2% Cash
100% Stock
100% Unit
100% Stock
100% Stock
100% Stock
100% Stock
100% Stock
100% Stock
100% Cash
100% Stock
100% Cash
100% Cash
100% Stock
100% Stock
35% Stock
65% Cash
100% Stock
100% Stock
99% Stack
1% Cash
Public Economic
Ownership
26%
26%
68%
46%
34%
37%
39%
76%
47%
46%
56%
74%
72%
38%
80%
39%
60%
75%
33%
47%
67%
88%
80%
17%
98%
8%
26%
65%
5.9%)
18%
48%
53%
60%
46%
5.3%
44%
91%
62%
85%
43%
77%
Conflicts Committee
Formed
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
41
16
25
Majority Vote
Required
✓
✓
✓
✓
✓
✓
✓
41
Written consent Only
(Majority Owned by Parent)
Overall Number
X
✓
✓
X
✓
X
X
X
✓
✓
X
X
✓
✓
X
X
X
X
✓
X
✓
✓
X
X
✓
X
X
X
✓
X
✓
X
X
X
X
X
18
Publicly Negotiated Number
16
6
Privately Negotiated Number
12
25
Majority of
Minority Vote
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
✓
X
X
X
X
✓
X
X
X
X
X
X
✓
X
X
✓
X
X
X
X
X
X
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