Kinder Morgan Energy Partners, a pipeline transportation and energy storage company, has acquired a 50% stake in Petrohawk Energy's natural gas gathering and treating business in the Haynesville Shale for approximately $921m in cash.
The joint venture is expected to have approximately 2 billion cubic feet per day of mainline throughput capacity.
Petrohawk has said that it will continue to operate the business during a short transition period, after which the new company, KinderHawk Field Services, which is owned 50/50 by Petrohawk and Kinder Morgan, will assume operations.
The new company will be staffed with experienced personnel from both companies. The assets consist of more than 200 miles of pipeline currently in service, which is expected to increase to about 375 miles of pipeline with projected throughput of over 800 million cubic feet per day by year-end.
Additionally, the system’s amine treating plants have a projected capacity of approximately 2,635 gallons per minute by year end.