By TINA DAVIS
HOUSTON (Bloomberg) -- Devon Energy and
Crosstex Energy agreed to create a new business that will
acquire all of Crosstexs 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
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 companys largest customer.