Western Gas Partners LP, an Anadarko Petroleum Corp.-owned master limited partnership, agreed to acquire a 33.75% interest in the Liberty and Rome gas gathering systems from Anadarko and a 33.75% interest in the Larry’s Creek, Seely, and Warrensville gas gathering systems from an affiliate of Chesapeake Energy Corp. All assets operate in the Marcellus shale in north-central Pennsylvania with combined total throughput of more than 1.2 bcfd.

The Anadarko acquisition will cost Western Gas Partners $490 million, financed with about $220 million of cash on hand, the borrowing of $246 million on its revolving credit facility, and the issuance of 449,129 common units to Anadarko at an implied price of roughly $54.55/share. The Chesapeake acquisition will cost $133.5 million, financed through borrowings on Western’s revolving credit facility.

Chesapeake last year sold midstream assets in the Marcellus, Utica, Eagle Ford, Haynesville, and Niobrara shales to Access Midstream Partners (OGJ Online, Dec. 12, 2012) as part of ongoing efforts to reduce long-term debt.

Contact Christopher E. Smith at chriss@ogjonline.com.