Exterran Partners LP (NYSE: EXLP) announced Aug. 8 it completed the acquisition of natural gas compression assets from MidCon Compression LLC, a subsidiary of Chesapeake Energy Corp. (NYSE: CHK), for $135 million.
The assets acquired include 162 compression units, with a total horsepower of roughly 110,000, which are currently being used to provide compression services in Arkansas’ Fayetteville Shale.
Houston's Exterran Partners is a master limited partnership that provides natural gas contract compression services to customers throughout the U.S. Exterran Holdings Inc. (NYSE: EXH) owns an equity interest, including all of the general partner interest, in Exterran Partners.
The acquisition was funded using credit available under Exterran Partners’ revolving credit facility.
The omnibus agreement between Exterran Partners and Exterran Holdings was not amended to adjust the caps on operating costs or selling, general and administrative costs as a result of this transaction.