Dallas-based Crosstex Energy LP and Crosstex Energy Inc. on Tuesday announced that they were acquiring privately held Clearfield Energy Inc. for $210 million.
Clearfield is a 125-year-old crude oil, condensate and water-services company with operations in Ohio, Kentucky and West Virginia.
Clearfield currently moves about 30 percent of the oil production in Ohio.
The agreement provides solid entry for the Texas company into the Utica shale in eastern Ohio.
Clearfield's assets include a 4,500-barrel-per-hour crude oil barge-loading terminal on the Ohio River, a 28,000-barrel-per-day crude oil loading terminal on the Ohio Central Railroad and 200 miles of crude oil pipelines in Ohio and West Virginia.
The rail-loading operation is expected to grow to 56,000 barrels per day.
Clearfield also owns 100,000 barrels of above-ground storage, six existing brine injection wells with two more under development and an extensive fleet of trucks.
It also owns 2,500 miles of unused right of way.
Chesapeake Energy Corp,the Oklahoma-based firm is the No. 1 driller in Ohio.
Rig Count Interactive Map by Baker Hughes, an energy services company.
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Pipeline, blog from Pittsburgh Post-Gazette on Marcellus shale drilling.
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