An affiliate of ArcLight Capital Partners has acquired Midcoast Operating, L.P. from Enbridge Inc. for approximately $1.1bn in cash.
Midcoast consists of three large, legacy gathering and processing systems in Texas and Oklahoma, a long-haul NGL transmission system delivering NGLs from multiple supply areas (including the DJ and Permian basins) to Mont Belvieu, Texas, and a marketing and logistics business.
Assets include: – 11,900 miles of gas and NGL pipelines; – 25 processing plants with over 2 Bcf/d of capacity; and – 12 treating plants, an E/P fractionator, and numerous liquid logistics assets (rail, truck, pipeline injection and storage).
Midcoast will be led by an executive team consisting of Rob Bond as CEO, Tommy Stone as COO, and Mike Moran as CCO. Rob, Tommy and Mike have worked together for the better part of the past two decades, most recently as members of the senior leadership team at PennTex Midstream Partners. ArcLight and senior management intend to retain the existing Midcoast field and corporate workforce currently in place. Midcoast will continue to be based in Houston, Texas.
For more information, visit: www.arclightcapital.com
