Crosstex closes pipe deal
Dallas-based Crosstex Energy has completed its acquisition of Louisiana midstream outfit LIG Pipeline from American Electric Power for $76.2 million.
The acquisition increases Crosstex's assets to about 4500 miles of pipeline, 1.2 billion cubic feet per day of transported volumes and over 700 million cubic feet per day of processing capacity.
"This asset gives Crosstex a strategic presence all along the Gulf Coast, from south Texas to Mississippi while practically doubling our pipeline footprint," said Crosstex president and chief executive Barry Davis.
"We also acquired an operating team that will be a great addition to our intellectual capital and will help drive our growth in the Louisiana market," Davis added.