South Korean SK Group Buys a Piece of Eureka Midstream for $100M

Eureka Midstream, which was once called Eureka Hunter (a subsidiary of Magnum Hunter Resources) popped back up on the radar screen earlier this month (see M-U Pipeline Co. Eureka Midstream Expands Line of Credit to $400M). Eureka, which operates exclusively in the Marcellus/Utica with ~200 miles of local gathering pipelines, announced it had expanded its line of credit from $225 million to $400 million, with an “accordion” option to further expand it to $500 million. Eureka's former parent Magnum Hunter spun the company off into a standalone company last year, so Eureka did not get dragged through bankruptcy along with Magnum Hunter (see Magnum Hunter Emerges from Bankruptcy with CEO Gary Evans Gone). The newest news is that South Korean SK Holdings, the holding company of SK Group (one of the largest conglomerates in South Korea) has bought itself a piece of Eureka for $100 million...

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