Access Midstream Partners (ACMP) has agreed to acquire additional midstream assets from Chesapeake for $2.16 billion. The deal adds natural gas gathering and processing assets across the country. Assets included expand Access Midstream's position in the Eagle Ford, Utica and Niobrara plays, as well as expanding the company's existing position in both the Haynesville and Marcellus dry gas plays. ACMP also negotiated an extension of its exclusivity period for Chesapeake's Mid-Continent assets.
Concurrently, Williams acquired a 50% general partner interest and a 23% limited partner interest in Access Midstream from Global Infrastructure Partners. Access Midstream's GP interest was owned by Chesapeake until June 2012, when it was purchased by Global Infrastructure partners for $2 billion.
J. Mike Stice, Access Midstream Partners’ CEO, commented,
“The acquisition of these midstream assets is a transformational opportunity for Access. Following this transaction, Access will become the largest gathering and processing MLP as measured by invested capital and throughput volume and will have a substantially diversified portfolio with a critical midstream position in the most prominent liquids-rich basins in the United States...
Aubrey K. McClendon, Chesapeake’s CEO, stated,
“We are pleased to announce further progress towards our asset sale goals for 2012-13. We look forward to completing additional asset sales and achieving our goals of strengthening our balance sheet, tightening our asset focus and increasing returns to shareholders.”
Read the full press release at AccessMidstream.com