LONDON, UK / ACCESSWIRE / July 18, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for American Midstream Partners, L.P. (NYSE: AMID), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=AMID. The Company reported on July 14, 2017, that the previously announced open season for crude oil deliveries to the Dakota Access Pipeline has been extended to July 31, 2017, to incorporate certain modifications requested by shippers. The open season commenced on June 26, 2017, and is for committed crude oil pipeline capacity from existing receipt points on the Company’s Bakken pipeline system to a newly constructed delivery point interconnecting into DAPL in Watford City. For immediate access to our complimentary reports, including today’s coverage, register for free now at:
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American Midstream Partners is a growth-oriented firm that delivers critical midstream infrastructure to link producers of natural gas, crude oil, NGLs, condensate, and specialty chemicals to end-use markets. The Company’s assets are located across some of the most prolific onshore and offshore basins in the Permian, Eagle Ford, East Texas, Bakken, and Gulf Coast. The Company owns or holds an ownership interest in about 4,000 miles of interstate or intrastate pipelines.
According to the June 26, 2017, announcement, the Company released a binding open season for volume commitments from existing receipt points on its Bakken pipeline system to a newly constructed delivery point interconnecting into the Dakota Access Pipeline in Watford City. The Bakken System is an established FERC-regulated, crude oil transportation pipeline located in McKenzie County, North Dakota, which is backed by a long-term acreage dedication with a key producer. The Company intends to expand its current Bakken System to have capacity to accept over 40,000 barrels per day of crude oil from field receipt points and several other local lease tank batteries through its truck logistics facility south of Watford City for delivery into the newly constructed DAPL.
The new connection is expected to commence service in August 2017, where the Company also offers hydrogen sulfide treating in the Bakken System. It hence allows customers to meet pipeline specifications for crude oil delivery, hence, expanding customer service offerings and the competitive footprint of the system. Post the recent additions to the Partnership’s system and the new connection to DAPL, the Company will be enabled to deliver an incremental 20,000 barrels per day to the market. During the open season process, the Company announced that it intends to obtain long-term volume commitments for crude oil transportation to the newly constructed delivery point. The open season commenced on June 26, 2017, and was to end on July 17, 2017.
Company Growth Prospects
American Midstream Partners reported a loss of $30.2 million for Q1 FY17 ended March 31, 2017, according to the fiscal release on May 10, 2017, which was $19.6 million greater than Q1 FY16, where the Company attributed the loss to merger related costs, increased interest expenses, and warmer than normal weather in its Propane Marketing and Services segment. On March 07, 2017, a majority of the JP Energy unit-holders, voted in the favor of the agreement governing the merger of JP Energy Partners, L.P., and American Midstream Partners, L.P. The Company, post the announcement, is a large, more diversified midstream business, operating in leading North American basins.
Last Close Stock Review
On Monday, July 17, 2017, the stock closed the trading session at $13.65, climbing 1.87% from its previous closing price of $13.40. A total volume of 217.59 thousand shares has exchanged hands. American Midstream Partners’ stock price surged 21.33% in the last one month and 14.32% in the previous twelve months. The stock currently has a market cap of $702.31 million.
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