Regency Energy Partners acquires midstream business
Regency Energy Partners LP has announced that it has closed on its previously announced acquisition of the midstream business of Eagle Rock Energy Partners, LP for a combination of cash, Regency common units and assumption of indebtedness.
“The acquisition will complement Regency’s core gathering and processing business, and when combined with the recent acquisition of PVR Partners, will strengthen our existing positions in the Texas Panhandle and East Texas,” said Mike Bradley, President and Chief Executive Officer of Regency.
“In addition, we believe this acquisition will be accretive to our distributable cash flow per common unit, and continue to expect to recommend to our board of directors distribution increases representing a growth rate of 6-8% for 2014.”
“I would also like to thank Eagle Rock's management team for facilitating the completion of this transaction,” continued Bradley.
Eagle Rock’s midstream assets include approximately 8100 miles of gathering pipeline and over 800 million ft3/d of processing plants and their cash flows are supported by large, long-term acreage dedications. The combined system is expected to provide significant synergies, increase efficiencies on Regency’s current system, and enhance services for its customers.
Adapted from press release by Hannah Priestley-Eaton
Read the article online at: https://www.worldpipelines.com/business-news/07072014/regency_energy_partners_acquires_midstream_business/
You might also like
World Pipelines Podcast: Going global with IPLOCA
In this episode, Elizabeth Corner speaks to Georges Hage, Executive Secretary at IPLOCA, about IPLOCA's insights on the culture and characteristics of the pipeline contractor community, and how it works to support sustainable energy infrastructure.
Energy industry faces short-term instability, yet remains optimistic about long-term prospects, DNV report reveals
The energy industry is braced for short-term uncertainty caused by global instability, but remains optimistic in the long-term, according to DNV’s annual Energy Industry Insights survey.
