Dallas, TX-based Summit Midstream Partners LLC has entered into an agreement with La Grange Acquisition LP, a wholly owned subsidiary of Energy Transfer Partners LP, to acquire ETC Canyon Pipeline LLC for $207 million.
Canyon gathers and processes natural gas in the Piceance and Uinta basins in Colorado and Utah. The gas gathering and processing system consists of more than 1,600 miles of pipe, 44,000 horsepower of compression, processing assets with a total capacity of 97 MMcf/d, and two NGL injection stations. The acquisition is subject to certain regulatory approvals and customary closing conditions. Closing is expected to occur in the fourth quarter of 2012.
