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Devon, Crosstex to partner on new gas business for pipelines, processing

10.22.2013  | 

Devon Energy Corp. and Crosstex Energy Inc. agreed to create a new business that will acquire all of Crosstex’s shares and combine the two companies’ pipelines and processing facilities.

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By TINA DAVIS

HOUSTON (Bloomberg) -- Devon Energy and Crosstex Energy agreed to create a new business that will acquire all of Crosstex’s shares and combine the two companies’ pipelines and processing facilities.

The new entity, which has yet to be named, will consist of a master-limited partnership and general partner, both of which will be publicly traded, the companies said in a statement.

The business will have about 7,300 miles of pipelines, 13 processing plants and six fractionators as well as storage, terminals and a trucking fleet to move oil and natural gas.

Devon will be the new company’s largest customer.



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