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Done Deal: S Koreans Buy 34% of Cardinal Gas Services for $612M

As MDN told you a month ago, South Korea wants in on the Marcellus/Utica action and two South Korean companies had committed to buying up to a 34% stake in Cardinal Gas Services (see Total, EVEP Sell Interest in Cardinal Midstream to S Koreans for $612M). The deal is now done. Yesterday Samchully, the lead South Korean company, announced they have completed the purchase of the full 34% stake in Cardinal for $612 million…
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Total, EVEP Sell Interest in Cardinal Midstream to S Koreans for $612M

In August MDN told you that a pair of Korean companies were sniffing around Cardinal Midstream Services–looking to buy up to a 34% stake in the company (see Cardinal Gas Courts S Koreans to Invest in Utica JV). Cardinal is a midstream operator (pipelines and processing plants) in the Utica Shale. The Koreans are sniffing no more. Yesterday, one of the investor/owners of Cardinal, French oil giant Total, announced they’re selling their 25% stake in the company to two Korean companies…
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Cardinal Gas Courts S Koreans to Invest in Utica JV

Cardinal Gas Services is a midstream company (pipelines and processing plants) concentrating on the Ohio Utica Shale. Cardinal is actually a joint venture between Access Midstream (formerly Chesapeake Midstream, now being bought by Williams), the U.S. subsidiary of French driller Total, and EnerVest Energy Partners. Just when you thought it couldn’t get any more complicated, it does. Reuters is reporting the rumor that a new consortium including South Korea’s National Pension Service (NPS) and South Korean gas seller E1 Corp are making a play for 34% of Cardinal…
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Beaver County Organic Farm vs Cardinal Midstream Compressor Plant

A drama playing out in Beaver County, PA that first came to public attention last week pits a midstream company against an organic farmer. Don and Becky Kretschmann operate one of (perhaps the) largest Community Supported Agriculture (CSA) organic farms in western Pennsylvania. The vegetables, fruits and herbs they produce on the farm are sold to some 1,000 customers throughout the area. Cardinal Midstream plans to build a pipeline compressor station with first four compressors, and eventually eight compressors, at a location about 1/3 of a mile (2,000 feet) from the Kretschmann’s organic farm. The Kretschmanns say the compressor station threatens the existence of their farm and organic certification…
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Access Midstream Will Invest $3.8B in Marcellus/Utica by End 2015

Access Midstream Partners is heavily involved with the pipeline/processing plant infrastructure buildout happening in both the Marcellus and Utica Shale region. Access is the lead company in the joint venture known as Cardinal Gas Services (the other partners being TOTAL and EnerVest), and an important partner in Utica East Ohio Buckeye (along with M3 Midstream and EnerVest). According to Access CEO Mike Stice on an investors call yesterday, his company’s total investment in the Marcellus Shale by the end of 2015 will be $1.8 billion, and the total investment in the Utica will be $2 billion.

A combined $3.8 billion investment in the northeast spanning 2012-2015–from one company. Simply astonishing! Here’s a few highlights from Stice’s talk yesterday…
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