Energy logistics company PennTex Midstream Partners announced that it is pursuing the formation of a midstream MLP and will confidentially submit a draft Registration Statement on Form S-1 to the U.S. Securities and Exchange Commission for an IPO of common units of the MLP. The offering is expected to be completed in fourth-quarter 2014.
It is expected that the MLP’s initial assets will include a portion of PennTex’s north Louisiana gas gathering and processing assets, including its 200 million cubic feet per day (MMcf/d) processing plant under construction in Lincoln Parish, La. After closing of the planned IPO, PennTex will control the general partner of the MLP and will own a majority of the incentive distribution rights and a majority of the MLP limited partnership units. PennTex will continue to own its Permian Basin gathering and processing platform in Reeves County, Texas, and the rest of its north Louisiana assets, including a second 200 MMcf/d Lincoln Parish processing plant in development.
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