M6 ETX Holdings II Midco, a holding company for Momentum Midstream, saw its credit upgraded by ratings agencies after the equity-financed acquisition of Clearfork Midstream in March.
Clearfork Midstream operates two non-contiguous gathering systems in the Haynesville. The Holly system in Louisiana is at the center of the high-producing core acreage and gathers nearly 500 MMcf/d for producers like Expand Energy (EXE), Comstock Resources (CRK) and Exco Resources. Aethon also produces on the Holly system from legacy Tellurian assets acquired in 2024. That acquisition also included a Heads of Agreement for Aethon to purchase 2 mtpa of LNG from the Louisiana LNG project (formerly Driftwood), which Woodside Energy made a final investment decision on at the end of April. Clearfork owns a second asset, the Shelby system, in East Texas.
The two systems (1.65 Bcf/d of total treating capacity) overlap well with Momentum M6’s current gathering footprint, and volume growth will help fill Momentum’s NG3 pipeline due to come online later this year. In Energy Data Studio, East Daley forecasts Clearfork system volumes to grow to over 900 MMcf/d by YE28, supported by LNG demand growth at the Gillis hub (see the figure above).
The Clearfork deal comes as part of a consolidation trend in the Haynesville, including Tokyo Gas’ $2.5B acquisition of Rockcliff and Citadel’s $1.2B Paloma Natural Gas purchase, as operators shore up battle lines in preparation for the coming LNG wave through the end of the decade. – Oren Pilant Tickers: CRK, EXE.
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