Summit Buys Canyon Gathering
Purchase of gathering and processing assets in Piceance and Uinta basins in Colorado and Utah.
Summit Midstream Partners LLC plans to buy ETC Canyon Pipeline Company LLC from a subsidiary of Energy Transfer Partners LP (NYSE: ETP) for $207 million
Canyon gathers and processes natural gas in the Piceance and Uinta basins in Colorado and Utah. Its gathering and processing system includes more than 1,600 miles of pipe, 44,000 horsepower of compression and processing assets with a total capacity of 97 million cubic feet per day (MMcf) and two NGL injection stations.
Summit Midstream Partners, LLC is a growth-oriented midstream energy company based in Dallas, TX. Summit was formed in 2009 by members of management and funds controlled by private equity firm Energy Capital Partners II, LP. In August 2011, Energy Capital Partners sold an interest in Summit to GE Energy Financial Services. GE Energy Financial Services invests globally in essential, long-lived and capital-intensive energy assets.
Energy Transfer Partners is a Dallas-based master limited partnership whose general partner is Energy Transfer Equity LP (NYSE: ETE).