Summit Midstream Announces Acquisition of Midstream Assets in Piceance & Uinta Basins
Sep 14, 2012
Dallas, Texas – Summit Midstream Partners, LLC (“Summit”) announced today that it has entered into an agreement with La Grange Acquisition, L.P., a wholly owned subsidiary of Energy Transfer Partners, L.P., to acquire ETC Canyon Pipeline, LLC (“Canyon”) for $207 million. Canyon gathers and processes natural gas in the Piceance and Uinta basins in Colorado and Utah. The gas gathering and processing system consists of more than 1,600 miles of pipe, 44,000 horsepower of compression, processing assets with a total capacity of 97 MMcf/d, and two NGL injection stations. The acquisition is subject to certain regulatory approvals and customary closing conditions. Closing is expected to occur in the fourth quarter of 2012.
About Summit Midstream Partners, LLC
Summit Midstream Partners, LLC is a growth-oriented midstream energy company focused on owning and operating midstream energy infrastructure that is strategically located in the core areas of unconventional resource basins in North America. Summit is headquartered in Dallas, TX with offices in Atlanta, GA, Denver, CO and Houston, TX. Summit provides fee-based natural gas gathering and compression services, supporting some of the largest production companies in North America, in two unconventional resource basins: (i) the Piceance Basin, which includes the Mesaverde, Mancos and Niobrara Shale formations in western Colorado; and (ii) the Fort Worth Basin, which includes the Barnett Shale formation in north-central Texas.
Summit was formed in 2009 by members of management and funds controlled by Energy Capital Partners II, LP. Together with its affiliates, Energy Capital Partners is a private equity firm with over $7 billion in capital commitments that is focused on investing in North America's energy infrastructure. 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.