Summit picks up 40% stake in Ohio Gathering for $377M


Summit Midstream Partners (SMLP) exercises its option to pay $377M to buy a 40% equity stake in Ohio Gathering Co. and Ohio Condensate Co. from affiliates of MarkWest Energy (MWE) and The Energy & Minerals Group.

Ohio Gathering is now gathering ~181M cf/day under long-term, fee-based agreements, and SMLP, MWE and EMG expect to develop more than $3B of natural gas gathering and condensate stabilization infrastructure for its customers through the joint venture.

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