A Peek Behind the Curtain of Crosstex/Devon Midstream Marriage
For a number of months, MDN has told you the story/news of the merger between Crosstex Energy (a Dallas, TX company) and Devon Energy (Oklahoma City, OK company). It’s an important story because both have a major presence in the Marcellus/Utica region. Essentially Devon Energy, a driller with a major midstream division, bought out Crosstex, a midstream company, and merged the two operations leaving Crosstex in command of the newly created midstream entity. The newly formed subsidiary company was recently named EnLink Midstream (see Crosstex Energy Gets a Name Change, Merger with Devon Proceeds).
An article in the Dallas Morning News about the merger caught our eye because it profiles the people involved and how the merger happened. We’re not sure that the story reveals any new, salient news about the deal–but it does reveal the depth of experience and character of the people involved. And it inspires confidence that this particular merger, a merger in which no one lost their job, portends very good things for the northeast where EnLink will continue to grow and expand. We’d call it a “here’s why you should feel good about this merger and doing business with these guys” kind of story…
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On Wednesday Devon Energy Corp. confirmed it’s selling off all of its holdings in both the Ohio Utica and Louisiana Tuscaloosa Marine Shale. Between the two shale plays, the company is hoping to raise about $3 billion. Devon’s Utica Shale holdings include 244,000 gross acres (195,000 net) in eastern Ohio in the liquids-rich portion of the play. Devon has hired Scotiabank’s Scotia Waterous (USA) Inc. M&A division to handle the sale. A map of Devon’s eastern Ohio Utica property is embedded below.