Apache Corp. to form new energy transit, storage and marketing company

U.S. energy company Apache Corp. said it was forming a strategic partnership to form a $3.5 billion pipeline company meant to cater to Texas shale oil and gas.

With U.S. production trends straining existing pipeline capacity, Apache said it would contribute some of its pipeline assets in the Permian shale to Kayne Anderson Acquisition group in order to create Altus Midstream.

“The transaction with Kayne Anderson Acquisition Corp. creates a premier midstream enterprise to service Alpine High, an enormous, highly economic upstream resource base in the Permian Basin, the most active oil and gas region in the world,” Apache President and CEO John Christmann IV said in a statement…

 

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