Houston Chronicle

Dallas pipeline operator Southcross Energy is moving to Houston and is emerging from Chapter 11 bankruptcy focused on the Eagle Ford Shale of South Texas.


Southcross Energy exits bankruptcy, moving headquarters to Houston- oil and gas 360

Source: Houston Chronicle

In a Monday statement, Southcross said it is emerging from bankruptcy in a net cash-positive position and a restructured balance sheet that provides financial flexibility.

Southcross is leaving the Mississippi and Alabama markets to focus on the Eagle Ford, where the company has more than 2,500 miles of gathering pipelines, two cryogenic natural-gas processing plants, two sour-gas treating plants and a natural-gas liquids fractionation plant.

“Today is the beginning of an exciting new chapter for Southcross,” company Chairman Bill Waldheim said in a statement. “We have a high-quality asset base and are moving forward with an aggressive plan to drive growth by investing in our operations and building out our commercial team and its capabilities.”

As part of its Chapter 11 proceedings, Southcross sold its pipeline network in Corpus Christi to Houston pipeline operator Kinder Morgan in a $76 million deal.

Southcross solds its Alabama and Mississippi assets to Boston natural gas company Magnolia Infrastructure Holdings in a $31.5 million deal.

With the completion of the bankruptcy, the company is moving its headquarters to Houston during the first quarter.


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