BP To Sell Texas Midstream Gas Assets
Friday, August 10, 2012
BP America Production Co. agreed to sell its Sunray and Hemphill gas processing plants in Texas, U.S.A., together with their associated gas gathering system, to Eagle Rock Energy Partners for US$227.5 million in cash.
The Sunray plant, in Moore County, and the Hemphill plant, in Hemphill County, have combined processing capacity of 220 MMcf (6.1 X 106 m3) of gas a day and an associated gathering system of around 2500 miles (4023.3 km) of pipelines.
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 agreement does not include BP’s natural gas producing assets in the area. The transaction is expected to close in the fourth quarter of this year.
For more information: www.bp.com