Howard Energy Partners Acquisition & Valuation

Dorian LPG Ltd is an international liquefied petroleum gas shipping company focused on owning and operating gas carriers, or VLGCs. The company currently owns and operates around 22 modern VLGCs, including nineteen new fuel-efficient 84,000 cbm ECO-design VLGCs. Dorian LPG has offices in Connecticut, USA, London, United Kingdom, and Athens, Greece. IT operates in one reportable segment, the international transportation of LPG.

NGL Energy Partners LP is a USA-based firm that owns and operates a vertically integrated energy business. The company's operating segments include Crude Oil Logistics, Water Solutions, and Liquids Logistics. It operates crude oil Logistics, owns pipeline injection stations, and offers services for the treatment and disposal of wastewater generated from crude oil and natural gas production, as well as for the disposal of solids, such as tank bottoms and drilling fluids. The firm also supplies natural gas liquids to retailers, wholesalers, refiners, and petrochemical plants and sells propane and distillates.

Fluxys Belgium SA is the transmission and storage of natural gas as well as terminalling services for liquefied natural gas (LNG) in Belgium. It also provides complementary services related to these main activities. Its operating segment includes transmission, storage, LNG terminalling activities in Belgium and other activities. Transmission activities comprise all operations subject to the Gas Act related to transmission of gas and hydrogen in Belgium. Storage activities comprise all operations subject to the Gas Act related to storage of gas at Loenhout in Belgium. Terminalling activities comprise all activities subject to the Gas Act related to the LNG terminal at Zeebrugge in Belgium. Key revenue is generated from Transmission segment.

ESENTIA Energy Development is a Mexican natural gas infrastructure company listed on the Mexican stock exchange. It develops, owns and operates the Wahalajara system, which it describes as the largest privately owned interconnected natural gas network in Mexico, moving gas from the Waha hub in West Texas to industrial centres, power plants and distribution systems across the country. Its subsidiary ESENTIA Gas handles gas supply, balancing and price risk management, with offices in Mexico City and Houston. The company earns transportation fees from shippers under long-term capacity and usage contracts, and it grows by connecting new pipelines to its network. Its customers include the state utility CFE, power generators and industrial users. It is headquartered in Mexico City.

Kenya Pipeline Co PLC is engaged in developing, operating and maintaining an efficient, safe, reliable and cost-effective system for the transportation, storage and distribution of refined petroleum products from the port of Mombasa to various inland depots. The Company has expanded its operations through the construction of pipeline infrastructure, storage tanks and loading facilities that support the national and regional petroleum supply chain. The Company currently operates a network comprising approximately 1,342 kilometres of pipeline, which operates a national pipeline network of 1,342 km and current total storage capacity of 1,138,324 m3.

Nanjing Tanker Corp mainly engages in marine transportation in China. The company is also involved in ship construction and repairs, logistics and related support services.

Genesis Energy LP focuses on the midstream segment of the crude oil and natural gas industry. It offers various services to crude oil and natural gas producers, and industrial and commercial enterprises. The company's reportable segments are: Offshore pipeline transportation, Marine transportation, and Onshore transportation and services. Maximum revenue is generated from the Offshore pipeline transportation segment, which includes the transportation and processing of crude oil and natural gas in the Gulf of America. The Marine transportation segment provides waterborne transportation of petroleum products and crude oil throughout North America; and the Onshore transportation and services segment deals with crude oil logistics, sour gas processing, and sells sulfur byproducts.

Global Partners LP is a limited partnership that acts as a midstream logistics and marketing company. It is mainly engaged in purchasing, selling, storing and logistics of transporting petroleum and related products. The company owns and operates and control terminal networks of refined petroleum products and renewable fuels in Massachusetts, Maine, Connecticut, Vermont, and other places. It distributes gasoline and gasoline blendstocks, distillates, residual oil, renewable fuels, crude oil, natural gas and propane to wholesalers, retailers and commercial customers. The company operates through three segments i.e. Wholesale, Gasoline Distribution and Station Operations and Commercial. It generates maximum revenue from the Wholesale segment.

Teekay Tankers Ltd is a provider of marine services to the international oil and natural gas industries and an operator of medium-sized oil tankers. The company operates in two segments: Tankers, which consists of the operation of all of the company's tankers (including the operations from those tankers employed on full service lightering contracts), and the company's U.S. based ship-to-ship support service operations (including its lightering support services provided as part of full service lightering operations); and Marine Services, which consists of operational and maintenance marine services provided to the Australian government, Australian energy companies and other third parties. The company generates the majority of its revenue from the Tankers segment.

Jiangxi Jovo Energy Co Ltd is a large-scale clean energy integrated service provider in the midstream and terminal sectors of the gas industry.

SunocoCorp LLC is a publicly traded limited liability company that owns a direct limited partner interest in Sunoco LP. It engages in the management and distribution of fuel products. It operates through the following segments: Fuel Distribution, Pipeline Systems, and Terminals and Refinery.

Rover Pipeline is a United States natural gas pipeline company, formed by Energy Transfer to move Marcellus and Utica shale gas to markets. The roughly 700-mile pipeline is designed to carry about 3.25 billion cubic feet per day from the Appalachian shale areas to Midwest and Gulf Coast markets and to the Union Gas Dawn Hub in Ontario, Canada. Rover Pipeline LLC is owned 65 percent by a holding company, ET Rover Pipeline, with the remainder held by other investors. Energy Transfer operates the system, whose first phase began carrying more than one billion cubic feet per day from Cadiz to Defiance, Ohio, in 2017. Construction cost for the project was about $4.2 billion.

Topaz Energy Corp is a royalty and energy infrastructure company focused on generating low-risk income and paying dividends to its shareholders. It generates revenue from the Royalty Assets, which generate the company's Royalty Production Revenue; and the Infrastructure Assets, which generate the company's Processing Revenue and Other Income. The majority of the company's revenue is earned through royalties.

DHT Holdings Inc is a crude oil tanker company. The company's primary business is operating a fleet of crude oil tankers, with a secondary activity of providing technical management services. Its fleet trades internationally and consists of VLCC crude oil tankers. The group generates revenues from time charter and spot market operations. It operates vessels through its subsidiary management companies in Monaco, Norway, Singapore, and India. The company generates the majority of its revenue from Voyage charter revenues.

TANAP is an Ankara-headquartered operator of the Trans-Anatolian Natural Gas Pipeline spanning 1,811 kilometers from Azerbaijan through Turkey to Europe. Commissioned in 2018, it transports 16 billion cubic meters annually of Shah Deniz gas from the Caspian Sea, supplying Greece, Bulgaria, and onward markets. TANAP partners with SOCAR, BP, and Botas in compressor stations across eastern Anatolia to eastern Thrace.

Hyundai Oilbank is a Seoul-headquartered petroleum refiner in South Korea. The company operates the Daesan refinery complex, producing gasoline, diesel, jet fuel, lubricants, and petrochemicals like benzene and paraxylene. It supplies fuel to domestic automotive, aviation, and industrial sectors while exporting refined products to Asia and the United States. Hyundai Oilbank invests in clean fuel technologies, including low-sulfur marine fuels and renewable diesel blends.

ADNOC Oil Pipelines is an Abu Dhabi entity formed in 2019 that holds lease rights to crude oil and condensate pipelines of the Abu Dhabi National Oil Company. ADNOC pays it a tariff based on the volume of crude and condensate transported under a long-term lease, so its income is contracted and tied to throughput rather than to oil prices. The entity was created for ADNOC's 2019 pipeline infrastructure investment programme, in which ADNOC sold minority interests to international and regional institutional investors while keeping majority ownership and operational control.