Mon, Sep. 26, 5:23 PM
- DTE Energy (NYSE:DTE) agrees to acquire midstream natural gas assets from M3 Midstream and Vega Energy Partners for a combined ~$1.3B, increasing its presence in the Appalachian basin.
- DTE says it will buy all of Appalachia Gathering System, located in Pennsylvania and West Virginia, and 40% of Stonewall Gas Gathering, in West Virginia, from M3, as well as a 15% stake in Stonewall Gas from Vega Energy Partners.
- The assets, which gather natural gas produced in the Appalachia region and provide access to multiple markets, will become part of the DTE's non-utility gas storage and pipeline business.
- DTE says the transactions will not materially change its current business mix.
Nov. 19, 2012, 4:54 PM
Atlas Resource Partners (ARP) agrees to acquire Barnett Shale and Marble Falls assets in Texas from DTE Energy (DTE) for ~$255M. ARP increases 2013 distribution guidance and expects immediately accretive cash flow from the added oil and natural gas production, which averaged ~3,800 boe/day YTD. To fund the deal, ARP announces a public offering of 6.8M common units. ARP -2.9% AH.| Nov. 19, 2012, 4:54 PM