The EnLink Midstream companies, EnLink Midstream Partners (the Partnership) and EnLink Midstream, LLC (together EnLink), announced that the partnership completed its previously announced acquisition of Coronado Midstream Holdings (Coronado), which owns natural gas gathering and processing facilities in the Permian Basin, for approximately USD 600M, subject to certain adjustments.
Coronado was founded by a group of independent producers and partners, including Reliance Energy, Wexford Capital, Gulfport Energy Corp, Wallace Family Partnership and Ted Collins, Jr. The Coronado assets include three cryogenic gas-processing plants with a capacity of approximately 175MMCFD and a 270-mile gas gathering pipeline system in the North Midland Basin. Construction of an additional 100MMCFD gas-processing plant and gathering system expansions are currently underway. EnLink plans to connect the Coronado and Bearkat gas gathering pipeline systems to create a multi-county rich gas gathering and processing system that will offer extensive low pressure gathering services, cryogenic gas processing, and multiple delivery points for marketing customers’ products. With this acquisition, EnLink now owns and operates around 360 miles of gas gathering pipelines, approximately 300MMCFD of processing capacity as well as crude trucking and logistics services extending through seven counties in the core of the Midland Basin.
