Devon and Crosstex Plan New Midstream Business
Devon Energy Corporation, Crosstex Energy, Inc. and Crosstex Energy, L.P. announced that they have entered into a definitive agreement to combine midstream assets, including gathering and transportation pipelines, gas processing, fractionation and logistics assets, the Pittsburgh Business Times reports. The transaction, which is scheduled to close in the first quarter of 2014, includes assets in many of North America’s largest oil and gas regions, including the Utica and Marcellus. The combination will lead to the formation of a new company, the name of which will be announced prior to the closing of the transaction. Devon, with a strong upstream portfolio, is expected to be the new company’s largest customer.