EnLink Midstream Partners, LP Completes Acquisition of Victoria Express Pipeline in Dropdown Transaction with Devon Energy
02 April 2015 - 8:00AM
Business Wire
EnLink Midstream Partners, LP (NYSE: ENLK) (“EnLink” or the
“Partnership”) today announced that it has completed the previously
announced acquisition of the Victoria Express Pipeline and related
truck terminal and storage assets (“VEX”) from Devon Energy
Corporation (NYSE: DVN). The transaction is expected to be
immediately accretive to the Partnership.
The VEX pipeline is a 56-mile multi-grade crude oil pipeline
with a current capacity of approximately 50,000 barrels per day
(bpd) and, following completion of currently-underway expansion
projects, will have capacity of approximately 90,000 bpd. Other VEX
assets at the destination of the pipeline include an eight-bay
truck unloading terminal, 200,000 barrels of above-ground storage,
of which 50,000 barrels are under construction, and rights to barge
loading docks. Also included in the transaction are facilities near
the origin of the pipeline that are currently under construction,
including an eight-bay truck unloading terminal and 160,000 barrels
of above-ground storage.
About the EnLink Midstream Companies
EnLink Midstream is a leading, integrated midstream company with
a diverse geographic footprint and a strong financial foundation,
delivering tailored customer solutions for sustainable growth.
EnLink Midstream is publicly traded through two entities: EnLink
Midstream, LLC (NYSE: ENLC), the publicly traded general partner
entity, and EnLink Midstream Partners, LP (NYSE: ENLK), the master
limited partnership.
EnLink Midstream’s assets are located in many of North America’s
premier oil and gas regions, including the Barnett Shale, Permian
Basin, Cana-Woodford Shale, Arkoma-Woodford Shale, Eagle Ford
Shale, Haynesville Shale, Gulf Coast region, Utica Shale and
Marcellus Shale. Based in Dallas, Texas, EnLink Midstream’s assets
include over 9,100 miles of gathering and transportation pipelines,
16 processing plants with 3.6 billion cubic feet per day of
processing capacity, seven fractionators with 280,000 barrels per
day of fractionation capacity, as well as barge and rail terminals,
product storage facilities, purchase and marketing capabilities,
brine disposal wells, an extensive crude oil trucking fleet and
equity investments in certain private midstream companies.
Additional information about the EnLink Midstream companies can
be found at www.EnLink.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. These statements are
based on certain assumptions made by the Partnership based upon
management's experience and perception of historical trends,
current conditions, expected future developments and other factors
the Partnership believes are appropriate in the circumstances.
These statements include, but are not limited to, statements with
respect to future financial performance of the assets to be
acquired, demand for our services and the underlying commodities,
forecasts regarding capacity, incremental investment, project costs
and timing for completing the projects described herein, as well as
the Partnership's future growth and results of operations. Such
statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the
Partnership, which may cause the Partnership's actual results to
differ materially from those implied or expressed by the
forward-looking statements. These risks include, but are not
limited to, risks discussed in the Partnership's filings with the
Securities and Exchange Commission. The Partnership has no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
EnLink MidstreamJill McMillan, 214-721-9271Vice
President of Communications and Investor
RelationsJill.McMillan@enlink.com
EnLink Midstream Partners, LP (NYSE:ENLK)
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