This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
TheStreet Open House

Atlas Pipeline Partners, L.P. Closes On Acquisition Of TEAK Midstream

Stocks in this article: APLATLS





PHILADELPHIA, May 7, 2013 /PRNewswire/ --  Atlas Pipeline Partners, L.P. (NYSE: APL) ("APL", "Atlas Pipeline", or the "Partnership") announced today that the Partnership has closed on its previously announced purchase of TEAK Midstream, L.L.C. ("TEAK Midstream" or "TEAK"), a private midstream company.  The effective date of the acquisition was April 1, 2013.  Final cash consideration for TEAK totaled $1.0 billion, subject to working capital and other adjustments contemplated by the Purchase and Sale Agreement.

Eugene Dubay, Chief Executive Officer of the Partnership, commented, "As I mentioned in the initial announcement, we are very excited about this acquisition of TEAK Midstream.  This is the right entry point into the Eagle Ford with the right infrastructure and with tremendous future growth potential.  After successfully executing organic growth across all of our legacy systems, we look forward to doing the same with our new Eagle Ford assets." 

Upon the closing of this transaction, the Partnership will own 100% of the following TEAK assets:

  • 200 MMcfd of cryogenic processing capacity ("Silver Oak I");
  • A second 200 MMcfd cryogenic processing facility to be in service in the first quarter of 2014 ("Silver Oak II");
  • 265 miles of primarily 20" to 24" gathering and residue lines with 750 MMcfd of throughput capacity; and
  • 275 miles of low pressure gathering lines

Additionally, the Partnership has acquired a 50%-75% interest in various joint venture agreements that currently exist between TEAK and TexStar Midstream Services, L.P.  The Partnership will be the operator of the joint venture assets following the transaction, which include:

  • 235 miles of pipeline, including rich gas gathering, header, and residue pipelines;
  • 3 miles of NGL pipeline; and
  • A Co-Gen facility, which will produce power for the Silver Oak complex as well as the ability to sell power to third-parties and back to the grid during peak season

The Silver Oak processing complex is expected to expand in early 2014 by installing a new 200 MMcfd facility, the Silver Oak II plant, and potentially expand further thereafter by adding an additional 200 MMcfd facility.  Any expansions will be 100% owned and operated by Atlas Pipeline.   

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
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 16,461.32 -153.49 -0.92%
S&P 500 1,927.11 -14.17 -0.73%
NASDAQ 4,382.8470 -36.6310 -0.83%

Brokerage Partners

Rates from Bankrate.com

  • 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