Crosstex Energy completed the previously announced sale of its natural gas gathering and treating assets in East Texas to Waskom Gas Processing Co., a joint venture of Martin Midstream Partners LP, CenterPoint Energy Gas Processing Co. and Prism Gas Services, for US$40 million (see Gas Processors Report 12/16/09).
The sale included about 60 miles of intrastate gathering pipelines, two compressor stations and three refrigeration plants. The assets have a throughput capacity is about 75 billion Btu per day. Crosstex will use the proceeds to pay down debt and for general corporate purposes.
“We are pleased to add these gathering assets to our Waskom joint venture with CenterPoint Energy. Additional earnings will come primarily from fee-based contracts which are not directly affected by changes in commodity prices. In addition, the East Texas system is located near the Waskom gas processing facility which will provide the opportunity to capture additional volumes by integrating the gathering system with the plant,” Ruben Martin, president and chief executive officer of Martin Midstream GP LLC, Martin Midstream LP’s general partner, said. – Frank Nieto
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