U.S. Markets open in 7 hrs 18 mins

Summit Midstream agrees to acquire ETC Canyon Pipeline from ETP

Summit Midstream Partners announced that it has entered into an agreement with La Grange Acquisition,a wholly owned subsidiary of Energy Transfer Partners, acquire ETC Canyon Pipeline for $207M. Canyon gathers and processes natural gas in the Piceance and Uinta basins in Colorado and Utah. The gas gathering and processing system consists of more than 1,600 miles of pipe, 44,000 horsepower of compression, processing assets with a total capacity of 97 MMcf/d, and two NGL injection stations. The acquisition is subject to certain regulatory approvals and customary closing conditions. Closing is expected to occur in the fourth quarter of 2012.