Read Zacks_Analysts' blog in RSS
July 1, 2010
Share ThisNatural gas gatherer and processor DCP Midstream LLC, the general partner of DCP Midstream Partners, LP (DPM), announced that it has bought certain assets from Texas-based Ceritas Energy, which owns and operates pipelines and processing facilities. The financial terms of the transaction were not disclosed.
As per the deal, DCP Midstream acquired the Liberty gathering system in Liberty County, Texas, as well as the south Raywood liquids recovery plant situated along Ceritas' Liberty County pipeline.
The Liberty gathering pipeline system will interconnect with DCP Midstream's Centana Intrastate Pipeline (CIPCO) system in southeast Texas, thereby providing added flexibility and capacity to serve clients in this region. The acquisition consists of roughly 36 miles of natural gas gathering pipeline, a cryogenic 50 million cubic foot/day natural gas processing plant, and a four and one-half mile natural gas liquids pipeline interconnecting with Black Lake natural gas liquids pipeline partially owned by DCP Midstream's master limited partnership, DCP Midstream Partners, LP.
Denver, Colorado-based DCP Midstream LLC, jointly owned by Spectra Energy (SE) and ConocoPhillips (COP), expects the transaction to enhance capacity to its customers in this high-growth and liquids-rich area. In tandem with expansion projects under way in the Permian, Eagle Ford and DJ basins, DCP Midstream is executing on many growth projects around its strategically positioned asset portfolio.
Read the full analyst report on "DPM"
Read the full analyst report on "SE"
Read the full analyst report on "COP"
Zacks Investment Research