This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Crosstex Energy Completes Acquisition Of Clearfield Energy, Inc.

Stocks in this article: XTEX XTXI

The Crosstex Energy companies, Crosstex Energy, L.P. (NASDAQ: XTEX) (the Partnership) and Crosstex Energy, Inc. (NASDAQ: XTXI) (the Corporation), today announced that the Partnership has completed its previously announced acquisition of privately held Clearfield Energy, Inc. for approximately $210 million in cash. Clearfield is a 125-year-old crude oil, condensate and water services company with operations in Ohio, Kentucky and West Virginia. It is expected that the acquisition will be immediately accretive to distributable cash flow.

“The Clearfield acquisition positions Crosstex in the rapidly developing Utica and Marcellus shale plays and provides us with a substantial growth platform in a new geographic area,” said Barry E. Davis, Crosstex President and Chief Executive Officer. “Our core capabilities and strong financial position empower us to leverage these well-positioned assets and solid operations to accelerate future value creation. This represents a significant addition to our crude and condensate business, and our initial entry into salt water disposal. We also anticipate we will take advantage of natural gas gathering and processing opportunities that we plan to develop in the area.

“We welcome Clearfield’s talented employees into the Crosstex family. Clearfield’s assets have a rich legacy and we look forward to upholding the company’s strong tradition of outstanding customer service as we pursue the opportunities ahead of us together,” Davis added.

The assets currently handle approximately 300,000 barrels per month of crude and condensate in Ohio, Kentucky and West Virginia. They include a 4,500-barrel-per-hour crude oil barge-loading terminal on the Ohio River; a 28,000-barrel-per-day crude oil rail-loading terminal on the Ohio Central Railroad network that Crosstex expects to expand to a 56,000-barrel-per-day facility by year-end 2012; and 200 miles of crude oil pipelines in Ohio and West Virginia. The assets also include more than 500,000 barrels of above ground storage, six brine water disposal wells with two additional wells under development and an extensive truck fleet with a capacity of 35,000 barrels per day. Crosstex also acquired more than 2,500 miles of unused right of way for future expansions.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs