Crosstex Energy to Expand Permian Basin Gas Gathering and Processing System
28 Octobre 2013 - 1:00PM
Business Wire
The Crosstex Energy companies, Crosstex Energy, L.P. (NASDAQ:
XTEX) (the Partnership) and Crosstex Energy, Inc. (NASDAQ: XTXI)
(the Corporation), today announced the Partnership will expand its
natural gas gathering and processing system in the Permian Basin by
constructing a new natural gas processing complex and rich gas
gathering pipeline system. The initial investment of approximately
$140 million will include treating, processing and gas takeaway
solutions for regional producers. The project, which will be fully
owned by the Partnership, is supported by long-term, fee-based
contracts.
The new-build processing complex, called Bearkat, will be
strategically located near the Partnership’s existing Deadwood
joint venture assets in Glasscock County, Texas. The processing
plant will have an initial capacity of 60 million cubic feet per
day (MMcf/d), increasing the Partnership’s total operated
processing capacity in the Permian to approximately 115 MMcf/d. The
Partnership will also construct a 30-mile high-pressure gathering
system upstream of the Bearkat complex to provide additional
gathering capacity for producers in Glasscock and Reagan counties.
The entire project is scheduled to be completed and operational in
the summer of 2014. The Partnership continues to develop additional
expansion opportunities for constrained producer customers in
Howard, Martin, Glasscock, and Reagan counties.
"We are pleased to announce this strategic step of complementary
growth that we have described as part of the next $1 billion of
investment opportunities across our existing asset platform,” said
Barry E. Davis, Crosstex President and Chief Executive Officer.
"When completed this project will position Crosstex as an even
stronger, full-service midstream provider and create additional
value for our shareholders and unitholders.”
About the Crosstex Energy Companies
Crosstex Energy, L.P. (NASDAQ: XTEX) is an integrated midstream
energy partnership headquartered in Dallas that offers diversified,
tailored customer solutions spanning the energy value chain with
services and infrastructure that link energy production with
consumption. XTEX operates approximately 3,500 miles of natural
gas, natural gas liquids and oil pipelines, 10 natural gas
processing plants and four fractionators, as well as barge and rail
terminals, product storage facilities, brine disposal wells and an
extensive truck fleet. XTEX has the right platform, the right
opportunities and the right people to pursue its growth-focused
business strategy.
Crosstex Energy, Inc. (NASDAQ: XTXI) owns the general
partner interest, the incentive distribution rights and a portion
of the limited partner interests in Crosstex Energy, L.P. as well
as the majority interest in E2, a services company focused on the
Utica Shale play in the Ohio River Valley.
Additional information about the Crosstex companies can be found
at www.crosstexenergy.com.
This press release contains forward-looking statements within
the meaning of the federal securities laws. These statements are
based on certain assumptions made by the Partnership and the
Corporation based upon management's experience and perception of
historical trends, current conditions, expected future developments
and other factors the Partnership and the Corporation believe are
appropriate in the circumstances. These statements include, but are
not limited to, statements with respect to forecasts regarding
capacity, cash flow, incremental investment, project costs and
timing for completing the Bearkat project, as well as the
Partnership's future growth and results of operations. Such
statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the
Partnership and the Corporation, which may cause the Partnership's
and the Corporation's actual results to differ materially from
those implied or expressed by the forward-looking statements. These
risks include, but are not limited to, risks discussed in the
Partnership's and the Corporation's filings with the Securities and
Exchange Commission. The Partnership and the Corporation have no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
Crosstex EnergyJill McMillan,
214-721-9271Director, Public & Industry
AffairsJill.McMillan@CrosstexEnergy.com
Crosstex Energy, Inc. (MM) (NASDAQ:XTXI)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Crosstex Energy, Inc. (MM) (NASDAQ:XTXI)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024