Martin Midstream makes $275m sell-off

Gas sale: Martin Midstream in $275m sell-off to focus on shale opportunities

Martin Midstream Partners has agreed to sell natural gas gathering and processing assets in East Texas and northwest Louisiana to a subsidiary of New York-listed CenterPoint Energy for $275 million.

The Gulf-focused, Kilgore, Texas-based services partnership said the sale to CenterPoint Energy Field Services included all the assets of its Prism Gas Systems I subsidiary.

These include the Woodlawn gas processing plant and gathering system, the McLeod, Hallsville and Darco gas gathering systems and the East Texas condensate gathering system.

The partnership's 50% operating interest in the Waskom Gas Processing Company, of which CenterPoint Energy Field Services already owns the other half, is also part of the sale.

Martin Midstream said it would use the proceeds to repay debts and to fund future growth opportunities.

Chief executive Ruben Martin said the sell-off…

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