Wednesday, September 2, 2009

Kinder Morgan buying Crosstex gas assets for $266 million

HOUSTON - Kinder Morgan Energy Partners LP said on Aug. 31 that it will purchase the natural gas treating business of Dallas-based Crosstex Energy LP and Crosstex Energy Inc. for about $266 million.
The deal, which is expected to close in the fourth quarter, will make the Houston pipeline transportation company the largest provider of contract-provided treating plants in the United States.
KMP is purchasing approximately 290 amine-treating and dew-point control plants predominantly located in Texas and Louisiana, with additional facilities in Mississippi, Oklahoma, Arkansas and Kansas. The transaction will make KMP the largest provider of contract-provided treating plants in the United States.
“We are pleased to have the opportunity and financial strength to grow our company even during difficult economic times,” said Richard D. Kinder, chairman and CEO of KMP. “We look forward to offering natural gas treating services to our Texas intrastate customers and to other producers in various supply basins, including the rapidly developing shale plays.

No comments:

Post a Comment

Post a Comment