DTE Energy Completes $1.3 Billion Purchase of Natural Gas Midstream Assets

DTE completed its $1.3 billion purchase of midstream natural gas assets in Pennsylvania and West Virginia, highly productive areas of the Southwest Marcellus/Utica region.

The sale includes the entire Appalachia Gathering System from M3 Midstream, 40 percent of the Stonewall Gas Gathering from M3 Midstream, and 15 percent of the Stonewall Gas Gathering from Vega Energy Partners.

"This completed acquisition is a great addition to our portfolio and supports both our strategy in this segment and our drive to continue to grow and earn strong returns for shareholders," said DTE Energy CEO and Chairman Gerry Anderson according to PennEnergy reporting.

DTE Energy is in the process of moving its electrical generation capacity from coal to natural gas, and this acquisition will help the company toward that goal of a lower-carbon future, according to Anderson.

Source:
PennEnergy