CorEnergy, today announced that it has closed its previously announced acquisition of the ownership and operations of the MoGas Pipeline System for $125 million in cash. In connection with the consummation of the acquisition, the Company has entered into a newly amended revolving credit facility with borrowing capacity of up to $93 million in aggregate.
“We are pleased to add this strategic asset to our energy infrastructure portfolio,” said David Schulte, Chief Executive Officer of CorEnergy. “We expect that future opportunities associated with this transaction together with enhanced liquidity under our credit facility will provide further growth and diversification to our asset base, which will ultimately benefit our shareholders.”
“We are delighted by this new partnership with CorEnergy,” said Cy Zebot, President of MoGas Pipeline, LLC. “This transaction continues to support MoGas’ high-quality natural gas transportation services. In addition, by retaining all of MoGas’ talented employees, the transition should be seamless and transparent, enabling MoGas to serve its customers most effectively.”
Key data points: The growth forecast = 6.6% annually for the next 7 years. Scroll below to get more insights. This market report covers trends, opportunities and forecasts in smart oilfield market to 2031 by component (hardware, software, and services), technology (internet of things, artificial intelligence & machine learning, cloud computing, data analytics, and automation & remote monitoring), application (upstream activities, midstream activities, and downstream activities), end use (independent oil & gas operators, national oil companies, international oil companies, service companies, government & regulatory bodies, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)
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