Crosstex to invest in Utica shale compression, condensate stabilization

Dallas-based Crosstex Energy companies Crosstex Energy LP and Crosstex Energy Inc. have announced that Crosstex Energy Inc. will invest about $25 million in a third natural gas compression and condensate stabilization plant in the Ohio River Valley.

The company will invest in E2, a company formed in March with the former management of Enerven Compression Services, to provide services for producers in the liquids-rich part of the Utica shale. Initial investment in E2 of about $50 million will fund construction of two similar facilities.

The announcement said the E2 investment “complements” Crosstex Energy LP’s assets in the Ohio River Valley, which encompass crude oil, condensate, and logistics operations in the Utica and Marcellus shales.

E2 will build, own, manage, and operate all three compressor stations and condensate stabilization plants in Noble and Monroe counties in the southern portion of the Utica in Ohio. The counties are immediately east of assets in the Ohio River Valley.

The new plant will have compression capacity of 100 MMcfd and condensate stabilization capacity of 5,000 b/d, which brings total expected capacity for the three facilities to 300 MMcfd of compression and 12,000 b/d of condensate stabilization.

The three facilities are supported by long-term, fee-based contracts with Antero Resources, an exploration and production company operating in the region. Commercial start-up of the new station will be in this year’s fourth quarter.

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