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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

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





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

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!
SYM TRADE IT LAST %CHG

Markets

DOW 17,776.12 -200.19 -1.11%
S&P 500 2,067.89 -18.35 -0.88%
NASDAQ 4,900.8850 -46.5560 -0.94%

Partners Compare Online Brokers

Free Reports

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