HOUSTON--(BUSINESS WIRE)--American Midstream Partners, LP (NYSE:AMID) (“Partnership” or “AMID”) announced today the closing of its previously announced sale of the Partnership’s Propane Marketing and Services (“Propane”) business to SHV Energy N.V. (“SHV”) for $170 million in cash.
Through this transaction, the Partnership has divested 100% of Propane, including Pinnacle Propane’s 40 service locations; Pinnacle Propane Express’ cylinder exchange business and related logistic assets; and the Alliant Gas utility system.
The Partnership expects substantially all remaining proceeds from the Propane sale will be redeployed in its core operating areas including previously announced transactions that occurred in the third quarter of 2017.
About American Midstream Partners, LP
American Midstream Partners, LP is a growth-oriented limited partnership formed to provide critical midstream infrastructure that links producers of natural gas, crude oil, NGLs, condensate and specialty chemicals to end-use markets. American Midstream’s assets are strategically located in some of the most prolific onshore and offshore basins in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast. American Midstream owns or has an ownership interest in approximately 4,000 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, an offshore semisubmersible floating production system with nameplate processing capacity of 100 MBbl/d of crude oil and 240 MMcf/d of natural gas; and terminal sites with approximately 6.7 MMBbls of storage capacity.
For more information about American Midstream Partners, LP, visit: www.americanmidstream.com.