- Crestwood Equity Partners ( NYSE: CEQP ) on Monday said it would divest its Marcellus natural gas gathering and compression assets to Colorado-based Antero Midstream ( NYSE: AM ) for $205M in cash.
- The company said the assets to be divested were located in two counties in Virginia and were acquired in 2012.
- CEQP said the performance of the assets were impacted in recent years as development activity was focused on the southwest Marcellus shale pocket.
- "Crestwood’s assets have been on natural field decline since 2017 and are non-core to Crestwood’s long-term growth strategy of becoming a leading midstream operator in the Williston, Delaware, and Power River basins," CEQP said in a statement .
- The company said it would use the proceeds from the sale of the assets to reduce debt and repurchase common units.
- The divestiture is expected to close in Q4 2022.
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Crestwood announces divestiture of Marcellus assets to Antero Midstream for $205M