BP in $227.5m midstream sale

BP sale: Unloads midstream assets

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Kathrine Schmidt

 10 August 2012 20:52 GMT

BP said Friday it will sell midstream assets in the Texas panhandle to Eagle Rock Energy Partners for $227.5 million cash.

The UK supermajor said that the deal included the Sunray plant, in Moore County, and the Hemphill plant, in Hemphill County, along with 2500 miles of associated pipelines and other infrastructure.

The systems have a capacity of 220 million cubic feet of gas per day.

"BP believes these assets, which serve BP's natural gas production in the Texas Panhandle region, will be more strategically valuable to a company that specializes in midstream oil and gas operations," the company said in a statement.

The deal is expected to close by year's end pending regulatory and corporate approvals.

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