Crosstex Energy (XTEX, XTXI) Acquires Eunice NGLs Processing Plant
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The Crosstex Energy companies, Crosstex Energy, L.P. (NASDAQ: XTEX) and Crosstex Energy, Inc. (NASDAQ: XTXI), acquired the Eunice natural gas liquids (NGLs) processing plant and fractionation facility from Phillip Morris for approximately $42 million, which includes $18 million of assumed debt.
Previously, Crosstex managed the plant and facility, which are located in south central Louisiana, under an operating lease with Phillip Morris. It is estimated the acquisition will improve the Partnership's adjusted cash flow by approximately $12 million per year through the elimination of lease operating expense.
Previously, Crosstex managed the plant and facility, which are located in south central Louisiana, under an operating lease with Phillip Morris. It is estimated the acquisition will improve the Partnership's adjusted cash flow by approximately $12 million per year through the elimination of lease operating expense.
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