Morning Movers - XTXI - Entry into a Material Definitive Agreement, Regulation FD Disclosure - Sourced WhisperFromWallStreet.com
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Crosstex Energy Inc.XTXI
After Noon Leader: 6.3.77 Up 0.69 (22.40%) 12:57pm ET
Crosstex Energy, Inc. (the "Registrant") owns the two percent general partner interest, a 33 percent limited partner interest and the incentive distribution rights of Crosstex Energy, L.P. (the "Partnership").
Crosstex Energy Services, L.P. and Crosstex Energy Services GP, LLC (collectively, the "Sellers"), subsidiaries of the "Partnership, entered into a Partnership Interest Purchase and Sale Agreement (the "Purchase Agreement") with Southcross Energy LLC (the "Purchaser"), pursuant to which, upon the terms and subject to the conditions set forth in the Purchase Agreement, the Sellers have agreed to sell the Partnership's Mississippi, Alabama and South Texas assets, consisting of all of the partnership interests of Crosstex CCNG Gathering, Ltd., Crosstex CCNG Transmission Ltd., Crosstex Gulf Coast Transmission Ltd., Crosstex Mississippi Pipeline, L.P., Crosstex Mississippi Gathering, L.P., Crosstex Mississippi Industrial Gas Sales, L.P., Crosstex Alabama Gathering System, L.P., Crosstex Midstream Services, L.P., Javelina Marketing Company Ltd., and Javelina NGL Pipeline Ltd. (the "Transferred Assets"), and the Purchaser has agreed to purchase the Transferred Assets (the "Transaction") for a purchase price of $220 million, in cash, subject to certain adjustments as provided for in the Purchase Agreement. The Transaction is expected to close on or about July 31, 2009.
About
Crosstex Energy, Inc., through its partnership interest in Crosstex Energy, L.P., engages in gathering, transmission, treating, processing, and marketing natural gas and natural gas liquids (NGLs) in the United States. The company connects the wells of natural gas producers in its market areas to its gathering systems; treats natural gas to remove impurities; processes natural gas for the removal of NGLs; fractionates NGLs into purity products; and transports natural gas to various markets. It also purchases natural gas from natural gas producers and other supply points; and sells that natural gas to utilities, industrial consumers, other marketers, and pipelines. In addition, it operates processing plants that process gas transported to the plants by interstate pipelines or from its own gathering systems. Further, the company purchases natural gas from producers not connected to gathering systems for resale and sells natural gas on behalf of producers. As of December 31, 2008, it operated approximately 5,700 miles of natural gas gathering and transmission pipelines, 12 natural gas processing plants, 4 fractionators, and 200 treating and dew point control plants. The company was founded in 1996 and is based in Dallas, Texas.
Last Trade: 3.7514
Day's Range: N/A - 3.8500
52wk Range: 0.75 - 35.13
Volume: 576,232
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