Dallas-based Energy Transfer said last week it reached agreement to acquire Houston-based Crestwood Equity Partners in an all-equity transaction valued at about $7.1 billion, including assumption of $3.3 billion of debt. Crestwood’s system includes gathering and processing assets in Delaware, Williston and Powder River basins, including 1,270,000 dedicated acres across all basins, about 2.0 billion cfd of gas gathering capacity, 1.4 billion cfd of gas processing capacity, and 340,000 b/d of crude gathering capacity.
The deal will extend Energy Transfer’s positions in Delaware and Williston, provide entry into Powder River, and complement Energy Transfer’s downstream fractionation capacity at Mont Belvieu as well as hydrocarbon export capabilities from terminals at Nederland and Philadelphia, Pa. And it will provide benefits to the company’s NGL and refined products and crude oil businesses with the addition of storage and terminal assets.
Energy Transfer said Aug. 16 that closing is expected in 2023Q4.