Western Midstream closes Meritage Midstream acquisition
Published by Isabel Stagg,
Editorial Assistant
World Pipelines,
Western Midstream Partners, LP (‘WES’ or the ‘Partnership’) has announced the closing of the previously announced acquisition of Meritage Midstream Services II, LLC (‘Meritage’).
The consideration was funded with cash on hand and WES’s recent US$600 million investment grade senior notes issuance. The Meritage acquisition transforms WES’s existing asset footprint in the Powder River Basin with expanded gathering and processing facilities, a diversified customer base, and long-term contracts supported by minimum volume commitments and acreage dedications.
As previously announced, for the 3Q23, management intends to recommend a Base Distribution increase of US$0.0125, or US$0.05 annualised, resulting in a total annualised distribution of US$2.30 per common unit.
About Western Midstream
Western Midstream Partners, LP is a Delaware master limited partnership formed to acquire, own, develop, and operate midstream assets. With midstream assets located in the Rocky Mountains, North-central Pennsylvania, Texas, and New Mexico, WES is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilising, and transporting condensate, NGLs, and crude oil; and gathering and disposing of produced water for its customers. In addition, in its capacity as a processor of natural gas, WES also buys and sells natural gas, NGLs, and condensate on behalf of itself and as an agent for its customers under certain of its contracts.
Read the article online at: https://www.worldpipelines.com/business-news/16102023/western-midstream-closes-meritage-midstream-acquisition/
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