American Midstream Partners, LP (NYSE:AMID) (“Partnership” or “AMID”)
announced today the closing of its previously announced sale of the
Partnership’s Propane Marketing and Services (“Propane”) business to SHV
Energy N.V. (“SHV”) for $170 million in cash.
Through this transaction, the Partnership has divested 100% of Propane,
including Pinnacle Propane’s 40 service locations; Pinnacle Propane
Express’ cylinder exchange business and related logistic assets; and the
Alliant Gas utility system.
The Partnership expects substantially all remaining proceeds from the
Propane sale will be redeployed in its core operating areas including
previously announced transactions that occurred in the third quarter of
2017.
About American Midstream Partners, LP
American Midstream Partners, LP is a growth-oriented limited partnership
formed to provide critical midstream infrastructure that links producers
of natural gas, crude oil, NGLs, condensate and specialty chemicals to
end-use markets. American Midstream’s assets are strategically located
in some of the most prolific onshore and offshore basins in the Permian,
Eagle Ford, East Texas, Bakken and Gulf Coast. American Midstream owns
or has an ownership interest in approximately 4,000 miles of interstate
and intrastate pipelines, as well as ownership in gas processing plants,
fractionation facilities, an offshore semisubmersible floating
production system with nameplate processing capacity of 100 MBbl/d of
crude oil and 240 MMcf/d of natural gas; and terminal sites with
approximately 6.7 MMBbls of storage capacity.
For more information about American Midstream Partners, LP, visit: www.americanmidstream.com.
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Copyright Business Wire 2017
Source: Business Wire
(September 5, 2017 - 5:30 AM EDT)
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