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Crestwood Equity Partners (CEQP) sold its southwest Marcellus gathering and compression assets to Antero Midstream (AM) for $205 million last week. With natural gas prices above $9, we see an opportunity for AM to turn around the flagging system.
The deal represents a 7x 2023 EBITDA multiple, according to a Sept. 12 CEQP release. The system in Harrison County, WV is located in a dry area of the Marcellus with a gathering capacity of 875 MMcf/d. Volumes averaged 227 MMcf/d in 2021 under a fixed-fee contract with AM parent Antero Resources (AR), with 10 years remaining.Read Full Article
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