Crestwood Buying Assets from Devon for $90M
Crestwood Midstream Partners LP (NYSE: CMLP) ("Crestwood") announced today an agreement to acquire, from certain subsidiaries of Devon Energy Corporation ("Devon"), certain gathering and processing assets in the liquids-rich southwestern area of the Barnett Shale for $90 million. Additionally, Crestwood and Devon have entered into a 20 year fixed-fee gathering, processing and compression agreement under which Crestwood will gather and process Devon's natural gas production from a 20,500 acre dedication. Current natural gas production under the agreement is approximately 95 million cubic feet per day (MMcf/d). The transaction is expected to close in the third quarter 2012, subject to customary closing conditions.
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