Devon Energy Corp. and Crosstex Energy Inc. have completed the combination of their midstream assets to form EnLink Midstream LLC (ENLC) and EnLink Midstream Partners LP (ENLK), whose assets will be focused on unconventional plays.
Crosstex Energy stockholders overwhelmingly voted in favor of the proposal to adopt a merger agreement among Crosstex, Devon and certain Devon subsidiaries (see Shale Daily, Oct. 21, 2013). The deal creates the general partner entity and the master limited partnership. The EnLink Midstream securities began trading Monday on the New York Stock Exchange under the symbols ENLC and ENLK.
On Monday, ENLC closed at $36.91/share after opening at $37.00, and ENLK closed at $31.21/unit after opening at $31.00.
EnLink Midstream has an enhanced liquids-oriented growth profile, thanks to the combination of the midstream systems of Devon and Crosstex, the companies said. The assets are located in many of North America's premier oil and gas regions, including the Barnett Shale, Permian Basin, Cana and Arkoma Woodford, Eagle Ford, Haynesville, Gulf Coast, Utica and Marcellus shales.
EnLink Midstream has 7,300 miles of gathering and transportation pipelines, 12 processing plants with 3.3 Bcf/d of net processing capacity, six fractionators with 180,000 b/d of net capacity, as well as barge and rail terminals, product storage facilities, brine disposal wells and a crude oil trucking fleet.