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  • Altus Midstream Company Acquires 15 Percent of Gulf Coast Express Pipeline
    édité le 24/12/2018 - Plus de news de "Altus Midstream" - Voir la fiche entreprise de "Altus Midstream"

Altus Midstream Company Acquires 15 Percent of Gulf Coast Express Pipeline
Altus Midstream Company announced its subsidiary, Altus Midstream LP, has exercised and closed its option with Kinder Morgan Texas Pipeline LLC (Kinder Morgan) to acquire a 15 percent equity interest in the Gulf Coast Express Pipeline Project (GCX). The approximately $1.75 billion project is designed to transport up to 1.98 billion cubic feet (BCF) of natural gas per day from the Waha Hub and other points in the Permian Basin to the Agua Dulce Hub near the Texas Gulf Coast. GCX is under construction and expected to enter service in October 2019 pending regulatory approvals. Kinder Morgan (NYSE: KMI) now owns a 35 percent equity interest in the project after the closing of the Altus Midstream option. Kinder Morgan is also constructing and operating the pipeline. Subsidiaries and/or affiliates of DCP Midstream (NYSE: DCP) and Targa Resources Corp. (NYSE: TRGP) each hold a 25 percent equity interest in GCX.

“We are excited to participate in the Gulf Coast Express Project; the pipeline will serve as a critical transportation outlet for Permian Basin natural gas, and the pipeline capacity is fully subscribed by long-term minimum volume commitments. With our purchase of a 15 percent interest in GCX, we’ve taken a major step in executing on our vision of being the only publicly traded, pure-play, Permian Basin C-corporation with wellhead-to-water connectivity. The access GCX provides to the natural gas hub at Agua Dulce will allow us to participate in the full Permian-to-Gulf Coast midstream value chain,” said Brian Freed, Altus Midstream CEO and president. “With four additional equity options in top-tier, Permian Basin pipeline projects and our substantial gathering and processing system built to serve the world-class Alpine High play, we are well-positioned for long-term growth.”

Altus Midstream and/or its subsidiaries hold options to purchase equity ownership in four other planned pipelines, including:

- Salt Creek NGL Line: Option for 50 percent interest in an NGL header from Alpine High to Waha; operated by Salt Creek Midstream, expected in-service date in the first quarter of 2019.

- Shin Oak: Option for up to 33 percent interest in a long-haul NGL line to Mont Belvieu; operated by Enterprise Products Partners, expected in-service date in the second quarter of 2019.

- EPIC Crude: Option for up to 15 percent interest in a crude oil pipeline to Corpus Christi; operated by EPIC Midstream Holdings, expected in-service date in the first quarter of 2020.

- Permian Highway: Option for up to 33 percent interest in a proposed natural gas pipeline to Katy/Agua Dulce; operated by Kinder Morgan, expected in-service date in the fourth quarter of 2020.

About Altus Midstream Company

Altus Midstream Company (Nasdaq: ALTM, ALTMW) is a pure-play, Permian Basin midstream C-corporation. Altus Midstream and/or its subsidiaries own substantially all of the gas gathering, processing and transportation assets servicing Apache Corporation’s production in the Alpine High play in the Delaware Basin.

About Kinder Morgan, Inc.

Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy infrastructure companies in North America. We own an interest in or operate approximately 84,000 miles of pipelines and 152 terminals. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO2 and other products, and our terminals transload and store liquid commodities including petroleum products, ethanol and chemicals, and bulk products, including petroleum coke, metals and ores.

Origine : Communiqué Altus Midstream

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