EnLink Midstream, the newly combined Crosstex Midstream + Devon Energy midstream division, has announced a “drop down transaction”–which means on paper they transferred assets from one corporate entity to another–both entities owned by EnLink. That is, they sold themselves their own assets. On paper, the “transaction” is valued at $192 million and includes E2 Appalachian Compression, LLC and E2 Energy Services, LLC, both subsidiaries with operations in the Marcellus/Utica. Beyond the financial mumbo jumbo in their announcement, MDN found one line of interest that talks about what, exactly, EnLink’s “primary focus” in the Marcellus/Utica is…
EnLink Midstream, the newly combined Crosstex Midstream + Devon Energy midstream division, has announced a “drop down transaction”–which means on paper they transferred assets from one corporate entity to another–both entities owned by EnLink. That is, they sold themselves their own assets. On paper, the “transaction” is valued at $192 million and includes E2 Appalachian Compression, LLC and E2 Energy Services, LLC, both subsidiaries with operations in the Marcellus/Utica. Beyond the financial mumbo jumbo in their announcement, MDN found one line of interest that talks about what, exactly, EnLink’s “primary focus” in the Marcellus/Utica is…