Summit Midstream Partners Acquires Outrigger DJ Basin System, Other Infrastructure for $305 Million
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Summit Midstream Partners wholly owned subsidiary, Summit Midstream Holdings, has acquired DJ Basin acquisitions of Outrigger DJ Midstream and Sterling Energy Investments, Grasslands Energy Marketing, and Centennial Water Pipelines for approximately $305 million in cash.
The acquisition of Outrigger DJ and Sterling DJ combined with the divestitures of the Lane G&P and Bison Gas Systems represents a meaningful step forward on Summit’s overall corporate strategy to streamline its portfolio and create value through reinvestment in accretive transactions that build scale in our core growth basins.
With the official closing of these transactions, efforts are now fully underway to integrate and optimize the Outrigger DJ, Sterling DJ, and Summit-Hereford gas gathering and processing assets. The company believes this will meaningfully improve the availability of safe, reliable, and efficient midstream services for northern DJ Basin producers while creating meaningful value for SMLP’s stakeholders going forward.
About Summit Midstream Partners
SMLP is a value-driven limited partnership focused on developing, owning and operating midstream energy infrastructure assets that are strategically located in the core producing areas of unconventional resource basins, primarily shale formations, in the continental United States. SMLP provides natural gas, crude oil and produced water gathering, processing and transportation services pursuant to primarily long-term, fee-based agreements with customers and counterparties in five unconventional resource basins: (i) the Appalachian Basin, which includes the Utica and Marcellus shale formations in Ohio and West Virginia; (ii) the Williston Basin, which includes the Bakken and Three Forks shale formations in North Dakota; (iii) the Denver-Julesburg Basin, which includes the Niobrara and Codell shale formations in Colorado and Wyoming; (iv) the Fort Worth Basin, which includes the Barnett Shale formation in Texas; and (v) the Piceance Basin, which includes the Mesaverde formation as well as the Mancos and Niobrara shale formations in Colorado. SMLP has an equity method investment in Double E Pipeline, which provides interstate natural gas transportation service from multiple receipt points in the Delaware Basin to various delivery points in and around the Waha Hub in Texas. SMLP also has an equity method investment in Ohio Gathering, which operates extensive natural gas gathering and condensate stabilization infrastructure in the Utica Shale in Ohio. SMLP is headquartered in Houston, Texas.
To stop by Summit Midstream’s website, CLICK HERE
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