GE UNIT
INVESTS IN SUMMIT MIDSTREAM, AN OIL AND GAS MIDSTREAM SERVICE PROVIDER
HOUSTON
AND DALLAS, TX Oct. 12, 2011 – GE Energy Financial Services, a unit of GE
(NYSE: GE), is expanding its oil and gas industry footprint by investing in
Summit Midstream Partners, LLC, which acquires and develops midstream energy
infrastructure in unconventional North American production basins.
“Our investment in Summit Midstream builds on
our strategy of partnering with growth-oriented companies with strong
management and long-term contracted assets,” said Dan Castagnola, a managing
director at GE Energy Financial Services in Houston. “In working with Summit,
we are drawing on our experience in many midstream sectors, as well as in
unconventional gas.”
GE Energy Financial Services’ current
midstream equity and debt portfolio totals approximately $2.4 billion. It has
invested in a midstream master limited partnership, gas storage assets, a LNG
regasification terminal and 40,000 miles of gas pipelines. GE Energy Financial
Services is also involved in oil and gas production, from partnerships that own
reserves to production platforms.
Summit Midstream’s assets include gathering,
compression, and dehydration facilities in the core of the Barnett Shale. In
addition, yesterday it announced the acquisition
of South Piceance Basin assets in the Rockies from an
Encana Corp. subsidiary.
Summit’s Barnett asset, DFW midstream, is a large
gas gathering system in the Arlington, Texas, area consisting of approximately
120 miles of 8-30 inch gathering pipeline and nearly 50,000 horsepower of
compression. The Piceance acquisition consists of 260
miles of pipeline and 90,000 horsepower of compression serving multiple
customers under long-term contracts.
After completion of the Piceance acquisition,
Summit will transport approximately 1 bcf of natural
gas per day.
”We’re pleased to add GE
Financial Services as an owner,” said Steve Newby, president and CEO of Summit.
“Their industry depth and financial backing will be beneficial in helping
Summit achieve its growth strategy.
Between GE and Energy Capital Partners, Summit maintains some of the
strongest financial backing in the midstream industry.”
Financial details of GE’s investment in
Summit were not disclosed.
About Summit Midstream Partners LLC
Summit
is a midstream energy company focused on acquiring and developing a portfolio
of midstream energy infrastructure assets that are strategically located in
traditional and emerging North American production basins and import centers.
Summit is headquartered in Dallas, TX with offices in Atlanta, GA and Houston,
TX.
Summit’s
management team has over 100 years of collective experience in the midstream
energy segment having invested in, raised capital and managed over $5 billion
of midstream assets including development projects and operating companies.
Summit was formed in 2009 by funds controlled by Energy Capital Partners, LLC,
a multi-billion dollar private equity firm focused on investing in North
America's energy infrastructure. In August 2011, Energy Capital Partners sold
an interest in Summit to GE Energy Financial Services. Together, Summit and
Energy Capital Partners combine expertise in project development and financial
resources to build, own and operate strategically located midstream energy
infrastructure. For more information, visit Summit’s website at www.summitmidstream.com
and Energy Capital Partners at www.ecpartners.com.
About GE Energy Financial Services
GE Energy Financial Services’ experts invest
globally across the capital spectrum in essential, long-lived, and
capital-intensive energy assets that meet the world’s energy needs. In addition
to capital, GE Energy Financial Services offers the best of GE’s technical
know-how, technology innovation, financial strength, and rigorous risk
management. Based in Stamford, Connecticut, the GE business unit helps its
customers and GE grow through new investments, strong partnerships, and
optimization of its approximately $20 billion in assets. For more information,
visit http://www.geenergyfinancialservices.com.
About GE
GE (NYSE:
GE) is an advanced technology, services and finance company taking on the
world’s toughest challenges. Dedicated to innovation in energy, health,
transportation and infrastructure, GE operates in more than 100 countries and
employs about 300,000 people worldwide. For more information, visit the company's
Web site at www.ge.com.
Contact:
Summit Midstream
PUBLIC STRATEGIES, INC
Anthea Holley
214-743-6200
GE Energy Financial Services
Andy
Katell
203-961-5773