Enable Midstream Partners LP (NYSE: ENBL) has completed its acquisition of $80 million of strategic natural gas gathering assets in the Texas Panhandle from Monarch Natural Gas LLC. The acquisition is immediately accretive to Enable Midstream.
The assets are underpinned by long-term dedication of 35,000 net acres from a producer who is a current Enable Midstream customer. The 88 miles of recently built gathering pipeline and 5,000 horsepower of associated compression will provide gathering services to the natural gas producer drilling in Lipscomb and Hemphill counties, as well as other producers in the area.
Enable Midstream President and CEO Lynn Bourdon said, “This acquisition opens new opportunities for us to grow by extending our midstream services to several producers operating farther west in the Cleveland Sands Play, where wells continue to provide attractive returns.”