Crosstex Celebrates 10 Years of Delivering Success
January 23 2007 - 6:54AM
Business Wire
Crosstex Energy, a leading midstream energy services company, is
celebrating 10 years in business. Crosstex provides a full spectrum
of value-added services, including natural-gas transportation,
treating, processing and marketing in Texas, Louisiana, Oklahoma,
Alabama and Mississippi. Crosstex founder Barry E. Davis, President
and Chief Executive Officer, has led the company�s expansion
campaign. �We started Crosstex as an entrepreneur�s dream only 10
years ago and quickly became a strong competitor in the midstream
industry,� said Davis. During its first decade of operation,
Crosstex has grown through acquisition of underutilized assets,
asset enhancement and organic construction. Management focuses on
synergistic asset additions in or near the company�s operational
areas. Crosstex provides natural-gas producers in the prolific
Barnett Shale natural-gas play in north central Texas with
midstream services, owns and operates the largest intrastate gas
pipelines in Louisiana and Mississippi, and is the industry�s
leading provider in natural gas treating services, with
approximately 160 natural gas amine-treating plants in operation.
Crosstex sets itself apart with best-in-class customer service.
Since 2003, a leading industry survey has ranked Crosstex as one of
the top midstream companies in customer service. �We partner with
our customers and are dedicated to their success,� said Davis. �We
provide top-quality service, so our customers can concentrate on
what they do best.� Crosstex stakeholders, including investors,
customers, employees, suppliers and vendors, have consistently
benefited from management�s number-one priority�to maximize the
profitability of its assets. �Ten years ago, we only employed nine
people, but now we have a great team of more than 600 loyal
employees who have made Crosstex one of the best companies to work
for in the industry. They are enthusiastic industry professionals
who think like owners and not only get the job done, but get the
job done right,� said Davis. �Crosstex employees have driven the
company�s success, and they play a vital role in developing and
maintaining our company values, ethics and culture. I congratulate
them on making Crosstex what it is today and look forward to
working with them to create the Crosstex of tomorrow.� Crosstex
entered the public-market arena in December 2002 when Crosstex
Energy, L.P. began trading as a master limited partnership (MLP) on
NASDAQ under the symbol XTEX. Since that time, the MLP�s market
value has climbed from $146 million to $1.5 billion. In January
2004, the general partner of the MLP, Crosstex Energy, Inc., began
to trade on NASDAQ under the symbol XTXI. Since then, the market
value of Crosstex Energy, Inc. has increased from $240 million to
$1.4 billion. Crosstex Energy, Inc. was the first owner of a
general partner to go public through an initial public offering.
About the Crosstex Energy Companies Crosstex Energy, L.P. (NASDAQ:
XTEX), a midstream natural gas company headquartered in Dallas,
operates over 5,000 miles of pipeline, 12 processing plants, four
fractionators, and approximately 160 natural gas amine-treating
plants in service and approximately 35 dew point control plants.
Crosstex currently provides services for over 3.0 Bcf/day of
natural gas, or approximately 6.0 percent of marketed U.S. daily
production based on August 2006 Department of Energy data. Crosstex
Energy, Inc. (NASDAQ: XTXI) owns the two percent general partner
interest, a 42 percent limited partner interest, and the incentive
distribution rights of Crosstex Energy, L.P. Additional information
about the Crosstex companies can be found at
www.crosstexenergy.com.
Crosstex Energy, Inc. (MM) (NASDAQ:XTXI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Crosstex Energy, Inc. (MM) (NASDAQ:XTXI)
Historical Stock Chart
From Jul 2023 to Jul 2024