The EnLink Midstream companies, EnLink Midstream Partners LP (NYSE: ENLK) (the Partnership) and EnLink Midstream LLC (NYSE: ENLC) (the General Partner), have completed their acquisition of Coronado Midstream Holdings LLC, which owns natural gas gathering and processing facilities in the Permian Basin, for approximately $600 million.
Coronado was founded by a group of independent producers and partners, including Reliance Energy, Wexford Capital LP, Gulfport Energy Corp, Wallace Family Partnership LP, and Ted Collins Jr. The Coronado assets include three cryogenic gas processing plants with a capacity of approximately 175 million cubic feet per day (MMcf/d) and a 270-mile gas gathering pipeline system in the North Midland Basin. Construction of an additional 100 MMcf/d gas processing plant and gathering system expansions is under way.
EnLink plans to connect the Coronado and Bearkat gas gathering pipeline systems to create a multi-county rich-gas gathering and processing system that will offer extensive low-pressure gathering services, cryogenic gas processing, and multiple delivery points for marketing customers’ products.
With this acquisition, EnLink now owns and operates 360 miles of gas gathering pipelines and 300 MMcf/d of processing capacity, as well as crude trucking and logistics services extending through seven counties in the core of the Midland Basin.