Equitrans Midstream Expands In Marcellus And Utica.

Equitrans Midstream expands in Marcellus and Utica.
EQM Midstream Partners will buy a 60 percent stake in Eureka Midstream Holdings and 100 percent of Hornet Midstream Holdings.
EQM will pay $860 million cash and assume $170 million debt in the $1.03 billion deal. 
  
Gas companies are investing seriously in pipeline infrastructure for the Utica and Marcellus shale basins. A recent resurgence in drilling activity gave rise to tight channel capacity. 
   
Eureka Midstream is a 190-mile natural-gas gathering header pipeline system in Ohio and West Virginia servicing both dry Utica and wet Marcellus production. Hornet Midstream is a 15-mile high-pressure gathering system in West Virginia that connects to the Eureka system. Long-term contracts underpin both systems. 
   
Thomas Karam of EQM said: ‘This bolt-on acquisition, within our footprint, leverages our existing assets and core operating competencies and is the first step in executing our strategy to grow into a top-tier midstream company. These assets will complement EQM's basin-leading gathering and transmission system, allowing us to continue being the low-cost provider for gas transportation and, increasingly, for water handling as well.’
    
Citi and Guggenheim Securities acted as financial advisers for the deal.

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