Pipeline operator Crestwood Midstream Partners LP said it would purchase Arrow Midstream Holdings LLC for about $750 million, making it one of the largest pipeline and storage providers in North Dakota's fast-growing Bakken shale field.After the deal, the company would process about 18 percent of Bakken's crude oil output, according to Crestwood, at a time when a spurt in shale field production has led to the need for infrastructure to gather, process and ship oil, natural gas and related liquids.The shale revolution has made North Dakota the most prolific oil-producing state after Texas and helped the United States boost its domestic output. The state's production exceeds that of countries such as Britain and OPEC member Ecuador.The acquisition of privately held Arrow comes a few months after Crestwood, Inergy LP, Inergy Midstream LP merged to form a $7 billion entity to cater to the demand in the Bakken region.
Crestwood Midstream Partners LP owns, operates, acquires and develops midstream energy assets. Shares of CMLP remained unchanged at $22.92. In the past year, the shares have traded as low as $21.03 and as high as $26.01. On average, 425489 shares of CMLP exchange hands on a given day and today's volume is recorded at 0.
Shares of NRGY remained unchanged at $13.52. In the past year, the shares have traded as low as $7.98 and as high as $16.89. On average, 415914 shares of NRGY exchange hands on a given day and today's volume is recorded at 0.
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