Friday, January 7, 2011

MarkWest Energy agrees to buy EQT natural gas assets for $230 million

Markwest Energy will pay EQT Corp. $230 million for Kentucky property.

The acquisition includes an associated natural gas liquids pipeline and a 100 million cubic feet per day cryogenic processing plant.

EQT Corporation and MarkWest Energy Partners said on Jan. 2 that MarkWest had agreed to acquire EQT's natural gas processing complex in Langley, Ky., for $230 million.

MarkWest said it will expand the cryogenic processing capacity immediately following the close of the acquisition, which is expected by the end of the first quarter.

Upon the close of the transaction, EQT will execute a long-term agreement with MarkWest to provide processing services for its Kentucky Huron/Berea shale gas, including natural gas liquids transportation, fractionation, and marketing services through 2022.

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