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Regency Energy Partners Closes Merger With PVR Partners

Regency Energy Partners LP ( NYSE: RGP) and PVR Partners, L.P. (NYSE: PVR) today closed Regency’s previously announced acquisition of PVR. Regency acquired all of PVR’s outstanding units for a total purchase price of approximately $5.6 billion (based on Regency’s closing price of $26.70 per unit on March 20, 2014), including approximately $1.8 billion of assumed debt. In the merger, PVR unitholders received (on a per unit basis) 1.020 Regency common units and a one-time cash payment of $0.262 per unit (representing the difference between PVR’s annualized quarterly distribution immediately prior to the merger and 1.020 times Regency’s annualized quarter distribution immediately prior to the merger).

The combination creates a fully-integrated midstream partnership platform by further expanding Regency’s position in the Granite Wash in the Mid-Continent and adding a strong geographic footprint in the Marcellus and Utica Shales in the Appalachia Basin. This acquisition is expected to allow Regency to benefit from increased scale, enhanced geographic diversification and a growing, fee-based asset portfolio, while delivering additional appealing service options to customers. In addition, the high level of producer activity around the combined asset base positions Regency to capture additional upside from organic growth opportunities.

“This is a compelling, strategic opportunity for Regency, and we are excited to see this merger come together,” said Mike Bradley, president and chief executive officer of Regency. “The addition of PVR’s asset base in the Marcellus, Utica and Granite Wash supply areas provides Regency with diversification into attractive, high-growth regions, and also provides substantial opportunities for accretion through ongoing and proposed organic growth projects. These projects are expected to provide a platform for growth in EBITDA and DCF over the coming years, which we believe strengthens our long-term distribution outlook.”

“I would also like to thank PVR’s management team for their support in seeing this transaction through,” continued Bradley. “The combination of these assets and the addition of a talented employee base will further position Regency as one of the premier midstream service providers in the country.”

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