DCP Midstream, LP has announced the execution and closing of a purchase and sale agreement under which DCP will convey 100% ownership in its Rock Creek Asset, located in the panhandle region of Oklahoma and Texas, and generally consisting of Rock Creek Plant, Sneed, Dumas, Borger and Pampa gathering systems, 43 field compressor stations, and approximately 3000 miles of gathering lines. This transaction brings proceeds from total year-to-date non-core asset sales to approximately US$185 million.
“In addition to our excess coverage, we will use the proceeds from these transactions to help fund over 35% of DCP’s 2019 strategic capital programme focused on integrating and enhancing our core value chain,” said Wouter van Kempen, Chairman, President, and CEO of DCP Midstream. “Throughout the year, we have driven operational excellence and innovation, while optimising our footprint, to produce great results and fund a significant portion of our growth. This sale is another excellent example of our ability to deliver on our strategic goals as we work toward achieving a fully self-funded model.”
Read the article online at: https://www.worldpipelines.com/business-news/22112019/dcp-midstream-announces-sale-of-rock-creek-asset/
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