Oklahoma City energy company sells assets
Wednesday, November 24th 2004, 6:23 am
By: News On 6
OKLAHOMA CITY (AP) _ An Oklahoma City-based energy company has agreed to sell natural gas gathering and processing assets in north Texas to Enbridge Energy Partners.
Devon Energy Corporation and Enbridge announced the acquisition yesterday for an undisclosed price.
Houston-based Enbridge will acquire 2,200 miles of gathering pipelines and three natural gas processing plants with capacity of 81-million cubic feet of gas per day from Devon.
Enbridge says the deal is expected to close at the end of the year.
Devon spokesman Brian Engel says the company is selling midstream assets that are non-core to its overall strategy.
Devon is primarily an explorer for and producer of oil and gas.
It acquired the assets in its 2002 purchase of Mitchell Energy Development Corporation.