Exterran Partners LP (NASDAQ: EXLP) announced April 10 it completed its acquisition of compression assets from the subsidiary of Oklahoma City-based Chesapeake Energy Corp. (NYSE: CHK) for $360 million.
Exterran Partners, based in Houston, acquired 337 compression units, with a total horsepower of about 440,000, from MidCon Compression LLC. The assets are currently being used to provide compression services to Access MLP Operating LLC, a subsidiary of Access Midstream Partners LP (NYSE: ACMP).
In connection with the acquisition, Exterran Partners and Access have entered into a seven-year contract operations services agreement under which Exterran Partners will provide contract compression services to Access in regions including the Permian, Eagle Ford, Barnett, Anadarko, Mississippi Lime, Granite Wash, Woodford, Haynesville and Niobrara basins.
The asset acquisition was funded using the proceeds of Exterran Partners’ March equity offering and a portion of its March debt offering.
The omnibus agreement between Exterran Partners and Exterran Holdings Inc. (NYSE: EXH) has been amended to increase the cap on selling, general and administrative costs from $15 million per quarter to $17.7 million per quarter
Recommended Reading
FERC OKs Export Capacity Expansion at KMI’s Georgia LNG Plant
2024-11-25 - Kinder Morgan subsidiary Southern LNG’s Elba Island terminal has been granted permission by the Federal Energy Regulatory Commission to go ahead with a 0.4-mtpa production bump.
Air Liquide, TotalEnergies Partner to Produce Hydrogen
2024-11-25 - The hydrogen will be produced and used at Air Liquide and TotalEnergies' La Mède biorefinery in France to produce biodiesel and sustainable aviation fuel.
BP Takes FID on Indonesia’s Tangguh UCC Project
2024-11-25 - This project is the first CCUS project in Indonesia.
Falcon, Tamboran Spud Second Well in Australia’s Beetaloo
2024-11-25 - Falcon Oil & Gas Ltd., with joint venture partner Tamboran, have spud a second well in the Shenandoah South Pilot Project in the Beetaloo.
Valveworks Adds Choke Product Offerings with Lancaster Acquisition
2024-11-25 - Valveworks USA is acquiring Lancaster Flow Automation to add choke and flow-control automation technology to its product offerings.