DCP Midstream Partners Completes Crossroads System Acquisition in East Texas

abarrelfullabarrelfull wrote on 06 Jul 2012 07:18
Tags: dcp-midstream n-america pipeline usa

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DCP Midstream Partners, LP (NYSE: DPM) announced today it has completed the previously announced $63 million acquisition of the Crossroads system from Penn Virginia Resource Partners, L.P. (NYSE: PVR). The Crossroads system acquisition, which is subject to certain customary purchase price adjustments, was financed at closing through borrowings under the Partnership’s credit facility.

The Crossroads system, located in the southeastern portion of Harrison county in East Texas, includes an 80 million cubic feet per day cryogenic processing plant, approximately 8 miles of gas gathering pipe, approximately 20 miles of NGL pipeline and a 50% ownership in an approximately 11-mile residue gas pipeline.

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