Enable Midstream Completes Acquisition of Align Midstream
OKLAHOMA CITY–October 04, 2017 –(BUSINESS WIRE)–Enable Midstream Partners, LP (NYSE: ENBL) today announced it has closed on its previously announced agreement to acquire Align Midstream, LLC, a midstream company with natural gas gathering and processing facilities in the Cotton Valley and Haynesville plays of the Ark-La-Tex Basin, for approximately $300 million, subject to certain customary post-closing adjustments.
“We are pleased to complete this acquisition, which extends our Ark-La-Tex footprint in active areas of the basin and is expected to be accretive to our 2018 distributable cash flow per unit,” said Enable Midstream President and CEO Rod Sailor. “We are excited about the increasing development in the area, and the integration of these new assets will allow us to further optimize our midstream platform in the region and provide our new customers with an expanded suite of midstream services.”
The Align acquisition includes approximately 190 miles of natural gas gathering pipelines across Rusk, Panola and Shelby counties in Texas and DeSoto Parish in Louisiana and a cryogenic natural gas processing plant in Panola, Texas, with a capacity of 100 million cubic feet per day. These assets are underpinned with long-term, fee-based contracts, including approximately 100,000 gross acres of dedication from producer customers.
ABOUT ENABLE MIDSTREAM PARTNERS
Enable owns, operates and develops strategically located natural gas and crude oil infrastructure assets. Enable’s assets include over 13,000 miles of gathering pipelines, 2.6 Bcf/d of processing capacity, approximately 7,800 miles of interstate pipelines (including Southeast Supply Header, LLC of which Enable owns 50 percent), approximately 2,200 miles of intrastate pipelines and eight storage facilities comprising 85.0 billion cubic feet of storage capacity.