Devon Energy Corporation (NYSE: DVN) (“Devon”), EnLink Midstream, LLC and EnLink Midstream Partners, LP today announced the completion of the previously announced transaction to combine substantially all of Devon’s U.S. midstream assets with the assets of the former Crosstex Energy, Inc. and Crosstex Energy, L.P. (collectively, “Crosstex”). Crosstex Energy, Inc. stockholders overwhelmingly voted in favor of the proposal to adopt the previously announced merger agreement among Crosstex Energy, Inc., Devon and certain of Devon’s subsidiaries. Following closing, two publicly traded entities will exist: a general partner entity and the master limited partnership, which will operate under the legal names EnLink Midstream, LLC and EnLink Midstream Partners, LP, respectively (collectively, “EnLink Midstream”). Both EnLink Midstream securities will begin trading on March 10, 2014 on the New York Stock Exchange under the symbols ENLC (the general partner) and ENLK (the master limited partnership).
The combination of Devon’s and Crosstex’s extensive midstream systems provides EnLink Midstream with diversification and scale, along with an enhanced liquids-oriented growth profile. These assets are located in many of North America’s premier oil and gas regions, including the Barnett, Permian Basin, Cana and Arkoma Woodford, Eagle Ford, Haynesville, Gulf Coast, Utica and Marcellus Shales. EnLink Midstream has approximately 7,300 miles of gathering and transportation pipelines, 12 processing plants with 3.3 billion cubic feet per day of net processing capacity, six fractionators with 180,000 barrels per day of net fractionation capacity, as well as barge and rail terminals, product storage facilities, brine disposal wells and an extensive crude oil trucking fleet.
“We are excited to announce the completion of the transaction and the new beginning for us as EnLink Midstream,” said Barry E. Davis, President and Chief Executive Officer of EnLink Midstream. “Our vision is to not only be one of the largest, but one the best midstream providers in the industry. EnLink Midstream’s geographically diverse asset base, strong financial foundation, and strategic upstream sponsorship from Devon Energy position us for growth over the near and long-term.”
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