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CenterPoint Energy Inc, OGE Energy Corp and ArcLight Capital to Combine Assets to Form Midstream Partnership


Thursday, 14 Mar 2013 06:00pm EDT 

CenterPoint Energy Inc and OGE Energy Corp and ArcLight Capital Partners, LLC (ArcLight) announced that they have entered into an agreement to form a master limited partnership that will include CenterPoint Energy's interstate pipelines and field services businesses and the midstream business of Enogex LLC, owned jointly by subsidiaries of OGE and Arclight. The partnership will be managed by a general partner whose governance will be shared by CenterPoint Energy and OGE on a 50/50 basis. The new partnership will own and operate 8,400 miles of interstate pipelines with nearly 9 billion cubic feet of transport capacity and nearly 2,300 miles of intrastate pipelines. It will also have more than 11,000 miles of gathering lines, which in 2012 moved nearly 4 billion cubic feet of natural gas per day. Additionally, it will have more than 90 billion cubic feet of natural gas storage capacity and 11 major processing plants with nearly 2 billion cubic feet per day of inlet capacity. The partnership's leadership team will be announced after regulatory approvals are received. Prior to closing both companies will continue to operate independently, and teams of personnel from both companies will develop an integration plan that can be implemented once the transaction has closed. 

Company Quote

36.01
-0.84 -2.28%
31 Jul 2014