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February 3, 2014
08:08 EDTPVA, AMIDAmerican Midstream closes Eagle Ford natural gas gathering system acquisition
American Midstream Partners (AMID) announced that it completed the acquisition of an approximate 120-mile natural gas gathering and redelivery system located in the oil window of the Eagle Ford shale from a subsidiary of Penn Virginia (PVA). The acquisition was announced on January 22 and includes a long-term, fee-based gathering agreement. The system is currently flowing more than 40 million cubic feet per day between sales volumes and gas lift, with a significant ramp in volumes expected throughout 2014 and thereafter. Penn Virginia expects volumes to triple from current operating levels by mid-2015. The acquisition is expected to be accretive to American Midstreamís expected distribution level for 2014. As a result of the acquisition, management intends to recommend to the board of directors an increase in the Partnershipís quarterly distribution of approximately 2% beginning with the distribution for 3Q14, in addition to managementís intent to recommend to the board an approximate 2% increase for the 1Q14 distribution associated with the recently closed Blackwater acquisition.
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