DCP Midstream Partners (DPM) Acquires Crossroads Processing Plant for $63 Million; Deal Immediately Accretive

June 18, 2012 5:11 PM EDT
DCP Midstream Partners, LP (NYSE: DPM) has entered into an agreement with Penn Virginia Resource Partners, L.P. (NYSE: PVR) to acquire the Crossroads processing plant and associated gathering system, for approximately $63 million.

"This immediately accretive acquisition provides us with an opportunity to increase our market position in East Texas and demonstrates our commitment to provide integrated midstream services to our customers," said Mark Borer, president and CEO of the Partnership.

The Crossroads system, located in the southeastern portion of Harrison county in East Texas, includes approximately 8 miles of gas gathering pipe, an 80 million cubic feet per day cryogenic processing plant, approximately 20 miles of NGL pipeline and a 50% ownership in an approximately 11-mile residue gas pipeline.

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