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Atlas Pipeline in $1B deal to buy natural gas firm Teak Midstream

Keywords: Tags  Atlas Pipeline Partners, Teak Midstream, TexStar Midstream Services, Eagle Ford Shale, natural gas, energy tubulars, Thorsten Schier

NEW YORK — Atlas Pipeline Partners LP has agreed to pay $1 billion to acquire Teak Midstream LLC, a natural gas gathering and processing company with assets in the Eagle Ford shale.

Pittsburgh-based Atlas will acquire all of Dallas-based Teak’s assets, including a 200-million-cubic-foot-per-day cryogenic processing facility, a second 200-million-cubic-foot-per-day cryogenic facility expected to be in service in the first quarter of 2014, 265 miles of mostly 20- to 24-inch gathering and residue lines with 750 million cubic feet per day of throughput capacity, and 275 miles of low-pressure gathering lines.

Atlas will also acquire a 50- to 75-percent interest in various joint ventures with San Antonio-based TexStar Midstream Services LP, including 235 miles of gathering, header and residue pipelines; three miles of natural gas liquids pipelines; and a cogeneration facility.

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