The acquired assets consist of a 200MMcf-per-day cryogenic gas processing plant and 22 miles of gas gathering pipeline in Hemphill County, Texas, and approximately 30 miles of rights-of-way associated with the future construction of a high-pressure trunk line.
Additionally, EEP expects to exercise its options to pare down its economic interests in the Lakehead system expansions of both the Eastern Access and Mainline Expansion projects from 40% to 25%, by the June 30 deadline.
Oil and gas executives are generally optimistic about the prospect for growth in the year ahead but are somewhat anxious about the prospect for long-term profits, according to a recent survey of senior executives.
January is usually a pretty quiet month when it comes to acquisitions, but Kinder Morgan Energy Partners started 2013 with a bang by announcing they had reached an agreement to acquire Copano Energy for approximately $5 billion.
World-oil fundamentals are in the early stages of a realignment to reflect the new reality of abundant energy supplies, NGP Energy Capital Management chief executive Ken Hersh told participants at the IPAA Private Capital Conference in Houston.
The consolidation of the properties of Pioneer and Pioneer Southwest in the Midland basin in West Texas through this proposed transaction would facilitate Pioneer’s plans to fully and optimally develop the area and would provide organizational, operational and administrative efficiencies, according to the company’s statement.