From MarkWest Energy Partners:
|MarkWest Energy Partners Announces Sale of Marcellus Shale Gathering Assets in West Virginia to Summit Midstream Partners|
The assets included in this transaction consist of over 40 miles of newly constructed high-pressure gas gathering pipelines, certain rights-of-way associated with the pipeline, and two compressor stations totaling over 21,000 horsepower of combined compression. The rich-gas gathering and compression system is supported by a long-term, fee-based contract with an affiliate of
Summit’s acquisition of premier gathering infrastructure from MarkWest will further enhance its presence as a leading growth-oriented midstream energy company focused on developing, owning and operating strategically located assets in North America’s growing unconventional resource basins. This transaction represents Summit’s entry into the largest producing shale play in the U.S. and a highly prospective growth opportunity, supported by significant rich-gas production from Antero and potential future producers. This acquisition further enhances Summit’s scale to execute its growth strategy and provides greater geographic and customer diversification.
The proceeds from this transaction will provide MarkWest with additional financial flexibility to fund growth capital investments associated with more than 18 previously announced major midstream infrastructure projects primarily in the Marcellus and Utica Shales. By the end of 2014, MarkWest is expected to have over 4 billion cubic feet per day of processing capacity and 275,000 barrels per day of fractionation capacity in the heart of two of America’s most prolific shale plays.
“Summit is a high quality midstream operator and we are pleased to announce the sale of our rich gas gathering system in Doddridge County,” said
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