The JV has fully sanctioned the construction of the 200 MMcf/d plant near Orla, Texas, and related infrastructure required to connect the Willow Lake system to the plant and multiple third-party pipelines.
Four industry veterans helm Dallas-based Aspen, which will offer midstream services across North America.
The net proceeds will prepay part of the principal amounts currently outstanding under CCH's term loan credit facility.
Asset sales are done for now following a year of big Williams deals
The company said it expects available cash flow from operations to fall between CA$3.60 and CA$3.90 per share this year, from CA$4.08 per share in 2016, Reuters reported.
New unit is expected to grow Oasis midstream business.
The deal was the company's first dropdown from outside of Shell Pipeline Co., which "highlights the expansive set of assets from Shell that could eventually make their way into the MLP," TPH said.
US and Mexican natural gas pipeline businesses carry the company.
Proceeds from IPOs of MLPs, the structure used by most energy firms to house assets that ship and store oil and gas, dropped to $323 million last year from $4.9 billion in 2015, according to Thomson Reuters data, Reuters reported.
Stakes in Iroquois and Portland systems will be dropped down to TC Pipelines.
A subsidiary of Devon Energy Corp. (NYSE: DVN) agreed to sell substantially all of its natural gas gathering equipment and pipeline to Meritage Midstream Services II LLC, Meritage said May 4.
Enable’s natural gas project solidifies position in Anadarko Basin.