Haynesville gas processors consolidate amid production slump

J. Stell, Contributing Writer North American upstream companies drilled tens of thousands of uneconomic wells due to an unprecedented access to debt capital—especially high-yield debt—from 2009 to 2014. At the same time, midstream and downstream organizations began an epic infrastructure building boom to process all of the new oil and gas production. The boom was also easily financed as investors reached for yield during a period of 0% interest rates. Now, pipeline and processing operators are victims of their own success as billions of dollars of cheap capital that were previously raised for infrastructure have resulted in worsening overcapacity in many basins. According to financial anal