Kinder Morgan Energy Partners LP (KMP), Thursday said it closed the acquisition of the natural gas treating business from Crosstex Energy, L.P. (XTEX) and Crosstex Energy, Inc. (XTXI) for about $266 million, including working capital and closing adjustments, announced previously.
Kinder Morgan said it would offer these natural gas treating services to its Texas Intrastate customers and to other producers in various supply basins, including the rapidly developing shale plays. This acquisition is expected to be immediately accretive to cash distributable to KMP unitholders.
Kinder Morgan Energy Partners, L.P. is a major pipeline transportation and energy storage company in North America. KMP operates more than 28,000 miles of pipelines and 170 terminals. Its pipelines transport natural gas, gasoline, crude oil and CO2. Its terminals store petroleum products and chemicals and handle bulk materials like coal and petroleum coke.
KMP purchased approximately 290 amine-treating and dew-point control plants predominantly located in Texas and Louisiana, with additional facilities in Mississippi, Oklahoma, Arkansas and Kansas. The transaction makes KMP the largest provider of contracted natural gas treating services in the United States.
KMP closed Thursday's regular trading at $53.70 down $0.32 or 0.59% on a volume of 0.562 million shares on the NYSE.
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