Eagle Rock Energy agrees to sell off midstream business
Eagle Rock Energy Partners announced today it would sell off its midstream assets to Regency Energy Partners. The deal, which could be worth as much as $1.3 billion, would transform Eagle Rock into a pure-play upstream master limited partnership.
"This transaction is consistent with our stated goals of simplifying our structure and reducing our debt balances," Eagle Rock CEO Joseph A. Mills said in a statement.
Eagle Rock’s midstream assets are located in the Texas Panhandle, East Texas/Louisiana, South Texas and the Gulf of Mexico.