Devon Energy Corp. (NYSE: DVN), EnLink Midstream LLC, and EnLink Midstream Partners LP have completed the previously announced transaction to combine substantially all of Devon’s US midstream assets with the assets of the former Crosstex Energy Inc. and Crosstex Energy LP (collectively known as “Crosstex”).
Crosstex Energy Inc. stockholders overwhelmingly voted in favor of the proposal to adopt the 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 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 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 oil and gas regions, including the Gulf Coast, the Permian Basin, and the Barnett, Cana and Arkoma Woodford, Eagle Ford, Haynesville, 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.