EnLink Midstream agreed to acquire Coronado Midstream — owner of natural gas gathering and processing facilities in the Permian Basin — for $600 million in cash and stock. Coronado operates three natural gas processing plants in the North Midland Basin with combined processing capacity of 175 million cubic feet per day, along with 270 miles of gathering pipelines. Coronado is also building an additional 100 million cubic feet per day of processing capacity and expanding its gathering system.
EnLink, which earlier this month agreed to acquire Permian Basin firm LPC Crude Oil Marketing, said it would combine Coronado’s assets with its existing system.
SEE ALSO: Energy Transfer Partners to buy Regency Energy Partners for $11 billion
