Easton Energy has acquired about 670km of Gulf Coast natural gas liquids (NGL) pipelines from The Williams Companies for $177m in an all-cash deal.
The pipeline assets are primarily used to transport natural gas liquids from various supply sources to petrochemical consumers in Texas and Louisiana markets. The transaction was completed in partnership with Easton’s financial sponsor, Cresta Energy Capital, an energy infrastructure focused private equity firm based in Dallas.
Easton Energy president Joel McComas said: “Paired with our salt cavern storage development at Markham, Texas, this acquisition represents an opportunity for Easton to utilize a significant footprint of pipelines to connect key NGL storage markets with end users along the Texas Gulf Coast.”
Cresta Energy Capital managing partner Chris Rozzell said: “It has been exciting to partner with Easton since its formation.
“This acquisition highlight’s Easton’s commitment to investing in much needed natural gas liquids infrastructure across the U.S. Gulf Coast. We look forward to supporting Easton’s ongoing growth as the company continues to build on its existing platform.”
Source: Company Press Release