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Catalyst Midstream Partners, LLC

Company Summary

Description

The joint venture will complete the buildout of a new crude oil gathering system, already started by WPX in the basin, and begin constructing a new cryogenic natural gas processing complex with a planned initial capacity of 400 MMcf/d. The parties plan to seek out third-party volumes in an area of mutual interest in the Delaware Basin. JOINT VENTURE HIGHLIGHTS - 50/50 joint venture between WPX and Howard Energy Partners - Howard Energy Partners will finish constructing the JV assets and serve as operator - Dedication of 50,000 acres represents 37% of WPX’s total acreage in the Delaware - Transaction implies a value of $863 million for Stateline oil gathering and gas processing projects - WPX receiving $300 million upfront from Howard Energy Partners - Howard Energy Partners to fund the first $263 million of JV capital expenditures, including a $132 million carry for WPX - No minimum volume or drilling commitments

Website

http://www.businesswire.com/news/home/201706130055...

Operational Regions

  • Delaware Basin

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Recent news

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