Conoco Inc. and Mitchell Energy Development Corp. plan to form a joint venture to buy Oryx Energy Co.'s interests in 14 natural gas processing plants in Oklahoma and Texas.
Acquired interests would boost Conoco and Mitchell NGL production by about 10,000 b/d each.
That would increase NGL production of Mitchell's Liquid Energy Corp. subsidiary to 55,000-60,000 b/d, placing it among the top 10 U.S. NGL producers. Conoco's NGL production would climb to about 70,000 b/d.
Twelve of the 14 plants are in Oklahoma and two in the Permian basin of Texas.