With 120,000 net acres and an estimated 4,200 locations, the new company also meshes with Kingfisher Midstream to offer a potential spinoff IPO for development cash.
Lilis Energy Inc. (NYSE: LLEX), an exploration and development company operating in the Permian Basin of West Texas, said Aug. 14 it has entered into a long-term gas gathering, processing and purchase agreement with an affiliate of Lucid Energy Group to support Lilis's active drilling program in the Delaware Basin.
Andeavor Logistics also said it would issue 78 million of its units to parent Andeavor in exchange for the cancellation of its incentive distribution rights.
The 700-mile Rover pipeline is designed to transport 3.25 Bcf/d of natural gas from the Marcellus and Utica shale plays to markets across the U.S. as well as Canada.
American Midstream expects that substantially all proceeds from the propane sale will be reallocated within the third quarter, including the acquisition of the Viosca Knoll system in deepwater GoM.