Crestwood Equity Partners LP (NYSE: CEQP) said April 6 it entered into a 10-year commercial agreement with BlueStone Natural Resources II LLC in the Barnett Shale.
Under the terms of the agreement, Houston's Crestwood will gather and process natural gas across its Alliance, Lake Arlington and Cowtown systems in the Barnett. The services are for a period of 10 years under a fixed-fee and percent of proceeds fee structure.
As part of the agreement, BlueStone has provided production assurance to Crestwood whereby across all systems it will return currently shut-in wells to production by July 1. The Tulsa, Okla.-based company will also not shut-in or choke back production for economic purposes through the end of 2018.
On April 6, BlueStone closed the acquisition of Quicksilver Resources Inc. for about $245 million in cash.
Quicksilver, in bankruptcy since March 2015, parted with nearly all of its assets pending a ruling in January in bankruptcy court to sell to BlueStone.
In connection with the closing, Quicksilver withdrew its motion to reject Crestwood’s legacy gathering agreements relating to its Barnett Shale assets.
RELATED: Quicksilver’s US Run Ends In Liquidation After A Half Century
Recommended Reading
No Silver Bullet: Chevron, Shell on Lower-carbon Risks, Collaboration
2024-04-26 - Helping to scale lower-carbon technologies, while meeting today’s energy needs and bringing profits, comes with risks. Policy and collaboration can help, Chevron and Shell executives say.
Solar Sector Awaits Feds’ Next Move on Tariffs
2024-04-25 - A group of solar manufacturers want the U.S. to impose tariffs to ensure panels and modules imported from four Southeast Asian countries are priced at fair market value.
Solar Panel Tariff, AD/CVD Speculation No Concern for NextEra
2024-04-24 - NextEra Energy CEO John Ketchum addressed speculation regarding solar panel tariffs and antidumping and countervailing duties on its latest earnings call.
NextEra Energy Dials Up Solar as Power Demand Grows
2024-04-23 - NextEra’s renewable energy arm added about 2,765 megawatts to its backlog in first-quarter 2024, marking its second-best quarter for renewables — and the best for solar and storage origination.
BCCK, Vision RNG Enter Clean Energy Partnership
2024-04-23 - BCCK will deliver two of its NiTech Single Tower Nitrogen Rejection Units (NRU) and amine systems to Vision RNG’s landfill gas processing sites in Seneca and Perry counties, Ohio.