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Monday, Oct 21
Devon Energy, Crosstex combine to create new midstream business
- Devon Energy (DVN), Crosstex Energy (XTXI) and Crosstex Energy LP (XTEX) agree to combine substantially all of Devon’s U.S. midstream assets with Crosstex’s assets to form a new midstream business consisting of two publicly traded entities: the general partner entity and an MLP.
- The combination of Devon’s and Crosstex’s midstream systems, including gathering and transportation pipelines, and processing, fractionation and logistics assets, will provide the new company with diversification and scale, along with an enhanced liquids-oriented growth profile.
- Assets are located in several of North America’s major oil and gas regions, including the Barnett Shale, Permian Basin, Cana and Arkoma Woodford, Eagle Ford, Haynesville, Gulf Coast, Utica and Marcellus.
- DVN +2.5% premarket.