Altus Midstream will exercise its option to take on a 26.7% interest in the Permian Highway Pipeline, a new project under construction to ease takeaway constraints from the prolific US shale basin.
The company said its price was about $161 million, and its early timing on the decision will help save some $8 million in financing charges.
The move will be financed by recent equity financing and an amendment to a revolving credit facility.
