DTE Energy to acquire midstream assets in Marcellus Shale
DTE Energy announced late Monday it would acquire several natural gas pipelines and gathering systems in the Marcellus Shale from M3 Midstream and Vega Energy Partners for $1.3 billion.
From M3, DTE will acquire 100 percent of the Appalachia Gathering System in Pennsylvania and West Virginia, along with 40 percent of Stonewall Gas Gathering, a system in West Virginia.
In a separate but related transaction, Vega Energy Partners will sell 15 percent of its ownership stake in Stonewall Gas Gathering to DTE.
The deals are expected to close in the fourth quarter of 2016.
DTE (NYSE: DTE) is a Detroit-based energy company that owns natural gas pipelines and gathering systems, including the Bluestone Gathering System that brings gas to the Millennium and Tennessee pipelines. The acquisitions will dramatically increase its holdings in the Appalachian basin.
“These transactions will significantly increase our midstream presence in the Appalachian basin,”
