Crosstex, Apache To Spend $85 Million To Build Texas Gas Facility

Date : 07/12/2011 @ 8:05AM
Source : Dow Jones News
Stock : Crosstex Energy, Inc. (MM) (XTXI)
Quote : 37.6  0.0 (0.00%) @ 2:05AM

Crosstex, Apache To Spend $85 Million To Build Texas Gas Facility

Apache (NYSE:APA)
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The Crosstex Energy companies and Apache Corp. (APA) are teaming up to build a natural-gas processing plant in the Permian Basin in West Texas and will jointly spend $85 million on the project.

The Crosstex companies--Crosstex Inc. (XTXI) and Crosstex Energy LP (XTEX)--will have a 50% working interest, and Apache will have the other 50%. The initial phase of the project will provide processing and other services for Apache.

Crosstex, a natural-gas producer and operator of pipelines and processing plants, will manage construction and operate the facilities. The initial project includes a refrigeration plant, expected to be in operation in the fourth quarter, and a cryogenic gas-processing plant that is expected to come on line in the second quarter of next year.

Separately, Crosstex also will spend $12 million to purchase and upgrade an abandoned fractionator, which will be refurbished to serve as a rail terminal for natural-gas-liquids shipments.

Crosstex President and Chief Executive Barry E. Davis said the deal with Apache provides the company with a footprint in the Permian Basin.

Apache in April reported that its first-quarter earnings surged 61%, handily topping analysts' estimates, as oil prices rose sharply, helping revenue jump by nearly half.

All three stocks were inactive premarket.

-By Tess Stynes, Dow Jones Newswires; 212-416-2481;

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