Enable Midstream Partners LP (ENBL) said May 1 it completed the $80 million acquisition of natural gas gathering assets in the Texas Panhandle from Monarch Natural Gas LLC.
The deal is an extension and expansion of Oklahoma City-based Enable's Anadarko Basin assets.
The 88 miles of recently built gathering pipeline and 5,000 horsepower of associated compression will provide gathering services to the producer drilling in Lipscomb and Hemphill counties, Texas, and other producers. The assets are supported by 35,000 net acres from a natural gas producer, who is a current customer of Enable.
President and CEO Lynn Bourdon said the acquisition widens the midstream services’ scope, to producers in the Cleveland Sands play.
“This acquisition opens new opportunities for us to grow by extending our midstream services to several producers operating farther west in the Cleveland Sands Play where wells continue to provide attractive returns,” Bourdon said in a statement.
The acquisition is immediately accretive to Enable.