Devon, Crosstex complete merger
Devon Energy Corporation (Devon), EnLink Midstream and EnLink Midstream Partners completed the amalgamation of substantially all of Devon’s U.S. midstream assets with the assets of the former Crosstex Energy and Crosstex Energy (collectively, Crosstex). Crosstex Energy stockholders overwhelmingly voted in favour of the proposal to adopt the previously announced merger agreement among Crosstex Energy, 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).
The combination of Devon’s and Crosstex’s extensive 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 premier oil and gas regions, including the Barnett, Permian Basin, Cana and Arkoma Woodford, Eagle Ford, Haynesville, Gulf Coast, Utica and Marcellus Shales. EnLink Midstream has approximately 7,300 miles of gathering and transportation pipelines, 12 processing plants with 3.3bcf per day of net processing capacity, 6 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.