DCP Midstream Partners Closes Previously Announced Acquisition of Michigan Gas Gathering and Treating Assets
DENVER, Nov. 24 /PRNewswire-FirstCall/ -- DCP Midstream Partners, LP (NYSE: DPM) (the "Partnership") today announced the closing of its acquisition of certain natural gas gathering and treating assets for $45.1 million in cash from MichCon Pipeline Company, a subsidiary of DTE Energy. The assets are located in northern Michigan adjacent to the Partnership's existing assets. These assets provide essential services for gas produced from the Antrim Shale formation.
The acquisition was financed through a previously announced public offering of 2.5 million of the Partnership's common units, which closed today.
DCP Midstream Partners, LP (NYSE: DPM) is a midstream master limited partnership that gathers, processes, transports and markets natural gas, transports and markets natural gas liquids, and is a leading wholesale distributor of propane. DCP Midstream Partners, LP is managed by its general partner, DCP Midstream GP, LLC, which is wholly owned by DCP Midstream, LLC, a joint venture between Spectra Energy and ConocoPhillips.
MichCon Pipeline Co. is a subsidiary of DTE Energy (NYSE: DTE), a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include Detroit Edison, an electric utility serving 2.2 million customers in Southeastern Michigan, MichCon, a natural gas utility serving 1.2 million customers in Michigan and other non-utility, energy businesses focused on power and industrial projects, coal and gas midstream, unconventional gas production and energy trading. Information about DTE Energy is available at www.dteenergy.com.
This press release contains forward-looking statements as defined under the federal securities laws regarding DCP Midstream Partners, LP, including projections, estimates, forecasts, plans and objectives. Although management believes that expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. In addition, these statements are subject to certain risks, uncertainties and other assumptions that are difficult to predict and may be beyond our control. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, the Partnership's actual results may vary materially from what management anticipated, estimated, projected or expected.
Investors are encouraged to closely consider the disclosures and risk factors contained in the Partnership's annual and quarterly reports filed from time to time with the Securities and Exchange Commission. The Partnership undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Information contained in this press release is unaudited, and is subject to change.
SOURCE DCP Midstream Partners, LP