DCP Midstream Partners Completes Crossroads System Acquisition in East Texas
DENVER--(BUSINESS WIRE)-- DCP Midstream Partners, LP (DPM) announced today it has completed the previously announced $63 million acquisition of the Crossroads system from Penn Virginia Resource Partners, L.P.. The Crossroads system acquisition, which is subject to certain customary purchase price adjustments, was financed at closing through borrowings under the Partnerships credit facility.
The Crossroads system, located in the southeastern portion of Harrison county in East Texas, includes an 80 million cubic feet per day cryogenic processing plant, approximately 8 miles of gas gathering pipe, approximately 20 miles of NGL pipeline and a 50% ownership in an approximately 11-mile residue gas pipeline.
DCP Midstream Partners, LP is a midstream master limited partnership engaged in the business of gathering, compressing, treating, processing, transporting, storing and selling natural gas; producing, fractionating, transporting, storing and selling NGLs and condensate; and transporting, storing and selling propane in wholesale markets. DCP Midstream Partners, LP is managed by its general partner, DCP Midstream GP, LLC, which is wholly owned by DCP Midstream, LLC, a joint venture between Spectra Energy and Phillips 66. For more information, visit the DCP Midstream Partners, LP website at www.dcppartners.com.
DCP Midstream Partners, LP
Jonni Anwar, 303-605-1868
24 Hour: 303-887-5419
Source: DCP Midstream Partners, LPCopyright Business Wire 2012