Crosstex Energy Announces Permian Pipeline Extension Project
06 Febrero 2014 - 7:00AM
Business Wire
The Crosstex Energy companies, Crosstex Energy, L.P. (NASDAQ:
XTEX) (the “Partnership”) and Crosstex Energy, Inc. (NASDAQ: XTXI)
(the “Corporation” and, together with the Partnership, “Crosstex”),
today announced that the Partnership is continuing to expand its
gas gathering and processing capabilities in the Permian Basin
through a new long term, fee-based agreement with a major oil and
gas producer in the region. This agreement builds upon the
approximately $210 million in investments that Crosstex has already
made in the Permian Basin to take advantage of growing production
in the region, including its joint venture with Apache Corporation,
the Mesquite fractionator and the Bearkat gathering and processing
complex.
In conjunction with the agreement, the Partnership is
constructing a new 35-mile, 12-inch diameter high-pressure pipeline
that will provide critical gathering capacity for the previously
announced Bearkat natural gas processing complex. The incremental
investment for the new pipeline extension project is expected to be
approximately $70 million.
The new-build pipeline, located in the eastern portion of the
Wolfberry oil play, will originate at the Partnership’s Bearkat gas
processing facility, currently under construction in Glasscock
County. The pipeline will have a capacity of approximately 100
million cubic feet per day and will provide gas takeaway solutions
for constrained producer customers in Howard, Martin and Glasscock
counties. Right-of-way acquisition is underway and the pipeline is
expected to be operational in the second half of 2014.
“The Permian Basin has been an important area of growth for
Crosstex and this arrangement strategically expands our footprint
in West Texas. Looking to the future as we work to complete our
transaction with Devon Energy to create EnLink Midstream, we are
confident that having a solid and scalable gathering and processing
footprint in the Permian will be an integral part of our success,”
said Barry E. Davis, Crosstex President and Chief Executive
Officer.
About the Crosstex Energy Companies
Crosstex Energy, L.P. (NASDAQ: XTEX) is an integrated midstream
energy partnership headquartered in Dallas that offers diversified,
tailored customer solutions spanning the energy value chain with
services and infrastructure that link energy production with
consumption. XTEX operates approximately 3,500 miles of natural
gas, natural gas liquids and oil pipelines, 10 natural gas
processing plants and four fractionators, as well as barge and rail
terminals, product storage facilities, brine disposal wells and an
extensive truck fleet. XTEX has the right platform, the right
opportunities and the right people to pursue its growth-focused
business strategy.
Crosstex Energy, Inc. (NASDAQ: XTXI) owns the general partner
interest, the incentive distribution rights and a portion of the
limited partner interests in Crosstex Energy, L.P. as well as the
majority interest in E2, a services company focused on the Utica
Shale play in the Ohio River Valley.
Additional information about the Crosstex companies can be found
at www.crosstexenergy.com.
This press release contains forward-looking statements within
the meaning of the federal securities laws. These statements are
based on certain assumptions made by the Partnership and the
Corporation based upon management's experience and perception of
historical trends, current conditions, expected future developments
and other factors the Partnership and the Corporation believe are
appropriate in the circumstances. These statements include, but are
not limited to, statements with respect to forecasts regarding
capacity, cash flow, incremental investment, project costs and
timing for completing the projects described herein, as well as the
Partnership's and the Corporation’s future growth and results of
operations. Such statements are subject to a number of assumptions,
risks and uncertainties, many of which are beyond the control of
the Partnership and the Corporation, which may cause the
Partnership's and the Corporation's actual results to differ
materially from those implied or expressed by the forward-looking
statements. These risks include, but are not limited to, risks
discussed in the Partnership's and the Corporation's filings with
the Securities and Exchange Commission. The Partnership and the
Corporation have no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
Crosstex EnergyJill McMillan, 214-721-9271Director, Public &
Industry AffairsJill.McMillan@CrosstexEnergy.com
Crosstex Energy, Inc. (MM) (NASDAQ:XTXI)
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