DCP Midstream To Expand In Michigan
Published: 18-Nov-2009
DCP Midstream Partners has entered into an agreement with MichCon pipeline, a subsidiary of DTE Energy, to acquire certain natural gas gathering and treating assets for $45.1m in cash.
The assets are located in northern Michigan adjacent to the company's existing assets. These assets provide services for gas produced from the Antrim Shale formation.
Mark Borer, president and CEO of Midstream, said: "We continue to be pleased with the performance of the Michigan assets we acquired a year ago. This complementary acquisition provides increased scale, operating synergies and consolidation opportunities. Additionally, these assets contribute 100 percent fee-based revenues from long-lived reserves.
"This accretive acquisition represents a key step in executing our growth strategy. We continue to see signs of improvement in the business environment, with cost of capital and acquisition multiples also converging to broaden the opportunity set for growth."
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