Enable Midstream Partners LP (ENBL) said May 1 it completed the $80 million acquisition of natural gas gathering assets in the Texas Panhandle from Monarch Natural Gas LLC.
The deal is an extension and expansion of Oklahoma City-based Enable's Anadarko Basin assets.
The 88 miles of recently built gathering pipeline and 5,000 horsepower of associated compression will provide gathering services to the producer drilling in Lipscomb and Hemphill counties, Texas, and other producers. The assets are supported by 35,000 net acres from a natural gas producer, who is a current customer of Enable.
President and CEO Lynn Bourdon said the acquisition widens the midstream services’ scope, to producers in the Cleveland Sands play.
“This acquisition opens new opportunities for us to grow by extending our midstream services to several producers operating farther west in the Cleveland Sands Play where wells continue to provide attractive returns,” Bourdon said in a statement.
The acquisition is immediately accretive to Enable.
Recommended Reading
The Jones Act: An Old Law on a Voyage to Nowhere
2024-04-12 - Keeping up with the Jones Act is a burden for the energy industry, but efforts to repeal the 104-year-old law may be dead in the water.
Yellen Expects Further Sanctions on Iran, Oil Exports Possible Target
2024-04-16 - U.S. Treasury Secretary Janet Yellen intends to hit Iran with new sanctions in coming days due to its unprecedented attack on Israel.
Kinder Morgan Exec: Building Pipelines ‘Challenging, but Manageable’
2024-04-05 - Allen Fore, vice president of public affairs for Kinder Morgan, said building anything, from a new road to an ice cream shop, can be tough but dealing with stakeholders up front can move projects along.
FERC Again Approves TC Energy Pipeline Expansion in Northwest US
2024-04-19 - The Federal Energy Regulatory Commission shot down opposition by environmental groups and states to stay TC Energy’s $75 million project.
CEO: Linde Not Affected by Latest US Green Subsidies Package Updates
2024-02-07 - Linde CEO Sanjiv Lamba on Feb. 6 said recent updates to U.S. Inflation Reduction Act subsidies for clean energy projects will not affect the company's current projects in the United States.