Midstream Due Diligence
Conducted due diligence on natural gas gathering and transmission pipelines and a large gas treating complex in Northern Michigan, on behalf of large international bank. Conducted physical inspection of the facilities, reviewed historical and projected O&M and capital costs, and reviewed primary producer transportation and treating contracts. Assessed historical corrosion problems in the treating plant due to oxygen content in inlet natural gas feedstock. Analyzed natural gas quality specifications along with measurement and detection systems. Reviewed financial model and identified and evaluated key sensitivities, on behalf of bank client and owner/operator, to determine market valuations of assets in support of structured financing arrangement.
Project Development Advisory
Retained by the Department of Revenue and the Department of Natural Resources to analyze and provide input regarding the negotiations with potential developers of the Alaska Gas Pipeline. Analyzed potential project development scenarios, including evaluation of product market supply/demand, expected gas processing scenarios and commercial terms for gas processing and product sales. Provided NGL pricing forecast advice and audited project financial models.
Retained by the business development group associated with a major U.S. refined products pipeline to provide independent valuation of acquisition target. Study included market assessment, alternative market exploitation strategies, and independent fair market valuation of the target pipeline system.
Acquisition of Gas Distribution Company
On behalf of a natural gas utility, inspected pipeline facilities and reviewed natural gas supply and marketing issues for a potential acquisition candidate. Conducted operations review and an analysis of staffing levels.
Refined Products Pipeline Strategy
Led study to evaluate potential strategies to exploit existing assets based in the origin area of a large inter-regional U.S. refined products distribution system. The study focused on anticipated shifts in refined products supply in the origin area of the system, including projected supply expansions and an evaluation of long-term refinery survivability.
Retained by potential buyer to assess the value of U.S. Gulf Coast assets being sold in a competitive bidding situation. Assets included offshore oil and gas gathering systems, gas processing plants, oil treatment facilities, gas transmission lines, and gas storage properties. The assessment included review of the operations and maintenance policies and procedures, pipeline safety compliance, plant safety compliance, and potential upside associated with capital projects identified by the seller.
Provided technical and economic analyses, asset valuations, and feasibility analyses for bank group relative to refining, terminalling, and marketing assets located on the U.S. West Coast and U.S. Gulf Coast.
Grassroots Biodiesel Production Facility
Provided technical and economic assessment of proposed joint venture to produce biodiesel from waste oils. Assessment of new technology included evaluation of pilot plant operations and review of scale up to identify issues that could impact the startup and commercial operations timeline. Commercial assessment included interviews with potential off-take partners and assessment of product quality for pricing in U.S. Gulf Coast market.
Assessed state-owned refining and marketing assets in Greece to determine key technical and economic issues relative to the privatization of these assets. Toured the facilities and worked with management to review the present condition of the assets and the need for capital improvements to assure long-term viability. Assisted Credit Suisse First Boston in the preparation of the offering memorandum and prepared a cash flow valuation of the assets prior to marketing. Provided assistance with regard to the asset marketing effort, an overview of the competitive position of the assets on an industry-wide basis, and preparation of the data room.