Atlas Pipeline Partners, L.P. Announces Agreement to Partner with an Affiliate of Chevron Corp. in Purchase of 20% Interest i...
27 4월 2011 - 6:36AM
Business Wire
Atlas Pipeline Partners, L.P. (NYSE: APL) (“APL”, “Atlas
Pipeline”, or the “Partnership”) announced today that it has
signed an agreement to partner with Chevron Pipeline Company, an
affiliate of Chevron Corporation (“Chevron”) (NYSE: CVX) through a
purchase of a 20 percent interest in West Texas LPG Pipeline
Limited Partnership (“WTLPG”) from Buckeye Partners, L.P. for $85
million. WTLPG owns a 2,295-mile common-carrier pipeline system
that transports Natural Gas Liquids (“NGLs”) from New Mexico and
Texas to Mont Belvieu for fractionation. Chevron Pipeline Company,
which owns the remaining 80 percent interest, is the operator of
WTLPG. The transaction is expected to close in the second quarter
of 2011, subject to customary closing conditions.
“We are pleased to announce today the partnership with Chevron
in WTLPG, which further expands our midstream footprint into the
NGL transportation business. This system is strategic to our
continuing growth in the Permian basin of West Texas and we
anticipate the Partnership will expand opportunities in both the
gathering of NGLs as well as the expansion of the WTLPG pipeline
system,” said Eugene Dubay, Chief Executive Officer of the
Partnership. “We intend to update the market prior to our quarterly
earnings with a full press release related to each of our expansion
projects across our assets.”
Atlas Pipeline Partners, L.P. (NYSE: APL) is active in
the gathering and processing segments of the midstream natural gas
industry. In the Mid-Continent region of Oklahoma, southern Kansas,
and northern and western Texas, APL owns and operates five active
gas processing plants as well as approximately 8,600 miles of
active intrastate gas gathering pipeline. For more information,
visit the Partnership's website at www.atlaspipeline.com or contact
IR@atlaspipeline.com.
Atlas Energy, L.P. (NYSE: AHD), formerly Atlas Pipeline
Holdings, L.P., is a master limited partnership which owns and
operates the general partner of Atlas Pipeline Partners, L.P.
(NYSE: APL), through which it owns a 2% general partner interest,
all the incentive distribution rights and approximately 5.75
million common limited partner units of APL. Additionally, AHD owns
an interest in over 8,500 producing natural gas and oil wells,
representing over 185 Bcfe of net proved developed reserves. For
more information, please visit our website at
http://www.atlasenergy.com, or contact Investor Relations at
InvestorRelations@atlasenergy.com.
Certain matters discussed within this press release are
forward-looking statements. Although Atlas Pipeline Partners, L.P.
believes the expectations reflected in such forward-looking
statements are based on reasonable assumptions, it can give no
assurance that its expectations will be attained. Atlas Pipeline
does not undertake any duty to update any statements contained
herein (including any forward-looking statements), except as
required by law. Factors that could cause actual results to differ
materially from expectations include general industry
considerations, regulatory changes, changes in commodity process
and local or national economic conditions and other risks detailed
from time to time in Atlas Pipeline's reports filed with the SEC,
including quarterly reports on Form 10-Q, reports on Form 8-K and
annual reports on Form 10-K.
Atlas Energy L P (NYSE:AHD)
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Atlas Energy L P (NYSE:AHD)
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