Midstream

Forest Oil Corp. plans to sell $100-150 million of midstream assets in East Texas and noncore Canadian properties this year and will use the proceeds to increase flexibility and reduce debt, CEO Craig Clark said during a conference call with financial analysts Thursday.

Western Gas Partners LP has bought midstream assets in southwest Wyoming from Anadarko Petroleum Corp. for $254.4 million, making it the largest acquisition since Western Gas Partners’ initial public offering (IPO).

Western Gas Partners LP has bought midstream assets in southwest Wyoming from Anadarko Petroleum Corp. for $254.4 million, making it the largest acquisition since Western Gas Partners’ initial public offering.

Western Gas Partners LP has bought midstream assets in southwest Wyoming from Anadarko Petroleum Corp. for $254.4 million, making it the largest acquisition since Western Gas Partners’ initial public offering.

Inergy LP subsidiary Inergy Midstream LLC said it is buying the Seneca Lake natural gas storage facility in Schuyler County, NY, and two related pipelines from New York State Electric & Gas Corp. (NYSEG) for about $65 million. Seneca Lake is an approximately 2 Bcf salt cavern facility on Inergy’s US Salt property outside Watkins Glen, NY, and has a maximum withdrawal capability of 145 MMcf/d and maximum injection capability of 75 MMcf/d. Seneca Lake at close of the acquisition is expected to be contracted with a weighted average maturity of its firm storage capacity extending to 2015. Inergy said it anticipates closing the transaction by mid-2010.

Inergy LP subsidiary Inergy Midstream LLC said Monday it is buying the Seneca Lake natural gas storage facility in Schuyler County, NY, and two related pipelines from New York State Electric & Gas Corp. (NYSEG) for about $65 million.

Houston-based Carrizo Oil & Gas Inc. has completed the sale of its Mansfield natural gas pipeline and gathering system in Tarrant County, TX, to Delphi Midstream Partners LLC for $34.7 million net. The transaction includes a working capital adjustment of around $1.2 million. The 19-mile system, constructed by Carrizo to gather and transport gas from the company’s Barnett Shale operating area, has a current maximum takeaway capacity of 70 MMcf/d. Also included in the system is an associated compression/dehydration facility. In the month preceding the transaction’s close, Carrizo said the pipeline transported on average 55 MMcf/d. Carrizo agreed to continue to operate the system on Delphi’s behalf. Net proceeds will be used by Carrizo to pay down debt.

Inergy LP’s Inergy Midstream LLC is conducting two nonbinding open seasons, one for its Marc I Hub Line Project and the second for its North-South Project, through Aug. 21.

Commodity price exposure dinged the rating on DCP Midstream LLC (DCPM) debt as Fitch Ratings downgraded the company’s senior unsecured debt and Issuer Default Rating (IDR) to “BBB” from “BBB+.” However, the ratings outlook was revised to “stable” from “negative.”