Dynegy Inc. has sold its 16% interest in the Indian Basin Gas Processing Plant, located in Eddy County, NM, to a private investor for $48 million. The company’s pre-tax gain will be $36 million.
“Our strategy is to take advantage of opportunities like this to help the company further reduce outstanding debt and sharpen our focus on our core operations,” said CEO Bruce A. Williamson. He said the Indian Basin sale was consistent with Dynegy’s plans to divest non-strategic assets in which it owns a minority interest.
Williamson said the Houston-based company “remains committed to its natural gas liquids business,” which includes gathering and processing gas and fractionation, storage, transportation and marketing of gas liquids.
Dynegy’s key business hubs include the high-growth gas exploration and production areas of North Texas and the Louisiana Gulf Coast and the Permian Basin of West Texas and southeast New Mexico. Dynegy’s gas liquids’ fractionation and storage assets are located in Mont Belvieu, TX and Lake Charles, LA.
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