Midstream

Rapidly expanding Crosstex Energy LP, a Texas-based midstream natural gas company, Thursday said it had completed the previously-announced acquisition of the LIG Pipeline Co. and its subsidiaries (LIG Inc., Louisiana Intrastate Gas Co. LLC, LIG Chemical Co., LIG Liquids Co. LLC and Tuscaloosa Pipeline Co.) from American Electric Power (AEP) for $76.2 million.

Crosstex Energy LP took a big leap forward in its Gulf Coast midstream and pipeline expansion plans with the purchase of Louisiana Interstate Gas (LIG) from American Electric Power for $76.2 million.

Crosstex Energy LP took a big leap forward in its Gulf Coast midstream and pipeline expansion plans with the purchase of Louisiana Interstate Gas (LIG) from American Electric Power for $76.2 million.

Williams announced Thursday that its midstream business has completed the sale of its interests in two natural gas liquids pipelines for $26.5 million. These assets were previously identified for divestiture. Affiliates of Enterprise Products Partners L.P. have purchased a 37.35% interest in Wilprise Pipeline Co. and a 16.67% interest in Tri-States NGL Pipeline LLC after exercising their rights of first refusal following Williams’ efforts to sell the interests to Sunoco Logistics Partners LP. in August. The agreement with Enterprise also contains an earn-out provision that allows Williams to potentially receive up to an additional $8.3 million based on transportation volumes for Wilprise and Tri-States through 2006. Including these most recent deals, Williams has divested interests in four NGL pipeline systems this year, all at pre-tax gains.

Williams said it has recently closed two transactions involving the sale of certain assets in the company’s exploration and production and midstream businesses. Over the past week, the company said it has closed the previously announced sale of natural gas exploration and production properties in the Denver-Julesberg basin in northeastern Colorado for $28 million to Petroleum Development Corp. It has also closed the new sale involving Williams’ 45% ownership interest in the 223-mile Rio Grande Pipeline that transports natural gas liquids from Hobbs, NM to Ciudad Juarez, Chihuahua. Navajo Southern Inc., a wholly-owned subsidiary of Holly Corp., purchased Williams’ interest for $27.5 million, subject to certain closing adjustments. Including the two most recent sales, Williams has received nearly $2.75 billion cash from asset sales that have been closed this year.

Apache Corp. filed a lawsuit last week against Dynegy Midstream Services LP and Versado Gas Processors LLC in the district court of Harris County, TX, claiming that the companies “engaged in bad faith” and broke their contractual obligations to pay for natural gas and natural gas liquids.

Apache Corp. filed a lawsuit on Wednesday against Dynegy Midstream Services LP and Versado Gas Processors LLC in the district court of Harris County, TX, claiming that the companies “engaged in bad faith” and broke their contractual obligations to pay for natural gas and natural gas liquids.

Midstream energy company Kinder Morgan Inc. (KMI) on Tuesday said its $300 million stock repurchase program announced last August has been “substantially completed,” and it now will repurchase another $100 million. The entire $400 million repurchase is expected to be completed by the end of 2002.

Midstream energy company Kinder Morgan Inc. (KMI) on Tuesday said its $300 million stock repurchase program announced last August has been “substantially completed,” and it now will repurchase another $100 million. The entire $400 million repurchase is expected to be completed by the end of 2002.