Houston-based Crestwood Equity Partners said last week it is acquiring assets in Delaware Basin and divesting assets to exit Barnett Shale. Crestwood agreed to acquire from Sendero Midstream Partners for $600 million cash assets in Eddy County, including 350 million cfd of processing capacity, 140 miles of natural gas gathering lines, and more than 53,000 hp of field gathering compression. The acquisition adds more than 75,000 dedicated acres with more than 1,200 tier one drilling locations and long-term, fixed-fee contracts. The assets are complementary to the existing Willow Lake position.
Crestwood also will acquire the remaining 50 percent equity interest in Crestwood Permian Basin Holdings from First Reserve for $320 million and also sell its legacy Barnett Shale gas gathering and processing assets to EnLink Midstream for $275 million cash. Closing is expected in 2022Q3.