Antero Midstream Acquires Summit Midstream's Marcellus Assets for $70 Million
By Mary Holcomb, Digital Editor
(P&GJ) — Antero Midstream Corp. has made a strategic move with the acquisition of gathering and compression assets in the Marcellus Shale region for $70 million from Summit Midstream Partners LP.
The purchased assets, located in the Marcellus Shale, include compression infrastructure and high-pressure gathering systems, covering approximately 27,500 net acres and boasting a production capacity of around 24,400 barrels of oil equivalent per day.
“This transaction marks our third highly strategic bolt-on acquisition in Appalachia in the last two years,” Paul Rady, Chairman and CEO of Antero Midstream, said. “The compression and high pressure gathering assets are already interconnected with Antero Midstream's low pressure gathering system. As a result of this transaction, Antero Midstream now gathers and compresses substantially all of Antero Resources' production."
With this acquisition, Antero Midstream is poised to strengthen its position in the Marcellus Shale region, leveraging its existing infrastructure and operational expertise to drive value for shareholders. This strategic move aligns with the company's growth objectives and underscores its focus on delivering long-term value.
The transaction is a testament to Antero Midstream's strategic vision and financial discipline, positioning the company for sustained growth and value creation in the dynamic energy landscape.
The transaction, finalized on May 1, 2024, with an effective date of April 1, 2024, represents a significant addition to Antero Midstream's portfolio.
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