Thu, Dec 18, 2014 15:37
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DCP Midstream Partners Completes $63 Million Buy of East Texas Plant

Texas Business reports: DENVER—DCP Midstream Partners LP a $63 million acquisition of the Crossroads system from Penn Virginia Resource Partners LP.

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.

DCP Midstream Partners LP is a midstream master limited partnership engaged in the business of gathering, compressing, treating, processing, transporting, storing and selling natural gas; producing, fractionating, transporting, storing and selling NGLs and condensate; and transporting, storing and selling propane in wholesale markets. DCP Midstream Partners LP is managed by its general partner, DCP Midstream GP LLC, which is wholly owned by DCP Midstream, LLC, a joint venture between Spectra Energy and Phillips 66.