Atlas Pipeline Partners has agreed to buy Eagle Ford Midstream assets through a $1 billion acquisition of Teak Midstream, LLC. Atlas will gain Teak’s operated assets and assets that are jointly owned with TexStar Midstream.
Assets acquired in the deal included:
- 200 MMcfd of cryogenic processing plant (Silver Oak)
- 200 MMcfd cryogenic processing facility under construction (Silver Oak II)
- 265 miles of 20″ to 24″ gathering and residue pipelines with 750 mmcfd of capacity
- 275 miles of low pressure gathering lines
Atlas will also acquire a 50-75% interest in several assets jointly owned with TexStar Midstream. Atlas is expected to operated the assets once the deal closes:
- 235 miles of pipeline, including rich gas gathering, header, and residue pipelines
- 3 miles of NGL pipeline
- A Co-Gen facility, which will produce power for the Silver Oak complex
Atlas expects to further expand the assets going forward. Expansion projects include the potential for additional gathering lines and a third 200 mmcfd processing plant.
Read the full press release at atlaspipeline.com