Crestwood Equity Partners unitholders approved on Oct. 30 a merger with Energy Transfer roughly two and a half months after the Energy Transfer’s acquisition was announced. Crestwood executives said the deal is expected to close Nov. 3, according to a press release.
In August, Energy Transfer announced it would acquire Crestwood Equity Partners in an all-stock merger valued at $7.1 billion. Crestwood’s midstream system includes assets located in the Williston, Delaware and Powder River basins, consisting of about 2 Bcf/d of gas gathering capacity and 1.4 Bcf/d of gas processing capacity.
The assets are expected to strengthen Energy Transfer’s downstream fractionation capacity at Mont Belvieu.
Crestwood stated that about 69.7% of units voted in favor of the deal.
Recommended Reading
BP CEO: Final Permian Processing Facility to Come Online by Mid-year
2024-05-14 - BPX Energy, BP’s Houston-based subsidiary, plans to bring on its fourth and last Permian Basin processing facility mid-year 2024, CEO Murray Auchincloss said.
US Hits China with Huge Tariff Hikes on Solar Cells, EVs, Batteries
2024-05-14 - The directive quadruples the tariff rate on electric vehicles from 25% to 100%, and the tariff rate for solar cells doubles to 50%.
US Republican Attorneys General Sue to Stop EPA's Carbon Rule
2024-05-09 - The rule, finalized by President Joe Biden's administration last month as part of an effort to combat climate change, was challenged in three lawsuits filed in the U.S. Court of Appeals for the District of Columbia Circuit.
Analyst: Exxon Mobil, Pioneer Deal Close Likely ‘Imminent’
2024-05-01 - With approval from the Federal Trade Commission, Exxon Mobil could close its $59.5 million acquisition of Pioneer Natural Resources after more than six months of review.