Gather ‘Round in Appalachia
Denver-based Antero Midstream is beefing up its already sizeable position in the Marcellus/Utica with this week’s acquisition of even more gathering and compression assets. Reese Energy Consulting today is following the latest news from the Appalachia pure player, which will add to its midstream networks that currently include 500 miles of gathering pipe, 3.2 BCFD of compression capacity, 40 MBPD of NGL fractionation, and 1.6 BCFD of processing capacity.
In a $205 million all-cash deal with Houston-based Crestwood Equity Partners, Antero will scoop up the remaining Marcellus assets of a dry gas system it acquired from Crestwood in 2012 for $375 million in cash. The purchase includes 72 miles of gas gathering pipelines and nine compressor stations with 700 MMCFD of compression capacity and frees up Crestwood to spread more joy at its midstream operations in the Delaware, Williston, and Powder River Basin. Crestwood in June acquired Houston-based Sendero Midstream—a pure-play Delaware operator—for $600 million in cash, which doubled its Permian processing capacity to 550 MMCFD and added 140 miles of gathering lines, 53,000+ hp of gathering compression, and a slew of long-term, fixed fee contracts.