Rice Energy plans midstream MLP
CANONSBURG – Rice Energy Inc. said Monday it is pursuing the formation of a midstream master limited partnership.
Rice, which is publicly held, said in a news release it will submit a registration statement the Securities and Exchange Commission for an initial public offering of common units of the MLP. The offering is expected to be completed in the first half of 2015.
According to Rice, the initial assets of the MLP will consist of the company’s Pennsylvania gas gathering and water sourcing and distribution assets. Following the closing of the contemplated IPO, Rice Energy will control the general partner of the MLP and own all of the incentive distribution rights and a majority of the MLP limited partnership units.
Southpointe-based Rice is an independent natural gas and oil company engaged in the acquisition, exploration and development of natural gas and oil properties in the Appalachian Basin.