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Enbridge Energy Signs Deal to Buy Gathering, Processing Assets in North Texas

Enbridge Energy Signs Deal to Buy Gathering, Processing Assets in North Texas

Enbridge Energy Partners LP announced last Tuesday it signed a definitive purchase agreement to acquire natural gas gathering and processing assets in North Texas from Devon Energy Corp. for an undisclosed amount.

The Houston-based company said it expects the acquisition to be accretive to distributable cash flow immediately upon the close of the transaction, which is anticipated by the end of the year subject to customary regulatory approvals.

The gathering/processing assets serve areas of the Fort Worth Basin, primarily in Jack, Palo Pinto and Parker counties. The facilities include 2,200 miles of natural gas gathering pipelines and three processing plants, with an aggregate processing capacity of 81 MMcf/d of gas. Total current inlet volumes were estimated at 55 MMcf/d.

Enbridge Energy Partners owns the U.S. portion of the world's longest liquid petroleum pipeline and is active in the gas gathering, processing and transmission.

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