Magnum Hunter Resources Corp said Morgan Stanley would become a co-owner in its natural gas gathering subsidiary that operates in the Marcellus and Utica shale fields.Magnum Hunter, whose shares were up more than 3 percent in early trade, will sell a 6.5 percent stake in Eureka Hunter Holdings to Morgan Stanley Infrastructure for $65 million, valuing the pipeline company at $1 billion.The Morgan Stanley unit will also acquire ArcLight Capital Partners LLC's 41 percent stake for an unspecified amount.Magnum Hunter and Morgan Stanley Infrastructure would then hold an equal equity interest, or a total of about 98 percent, after the transactions close and follow-on capital contributions by the Morgan Stanley unit.
Magnum Hunter Resources Corporation (Magnum Hunter) is an independent oil and gas company engaged in the exploration for and the exploitation, acquisition, development and production of crude oil, natural gas and natural gas liquids, primarily in the states of West Virginia, Ohio, Texas, Kentucky and North Dakota and in Saskatchewan, Canada. Shares of MHR traded higher by 3.03% or $0.185/share to $6.28. In the past year, the shares have traded as low as $5.18 and as high as $9.27. On average, 3399110 shares of MHR exchange hands on a given day and today's volume is recorded at 778527.
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS fell by 0.4% or $-0.14/share to $35.07. In the past year, the shares have traded as low as $26.41 and as high as $35.23. On average, 8368960 shares of MS exchange hands on a given day and today's volume is recorded at 875827.
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