ArcLight Capital Partners announced Wednesday it has acquired a 25% equity interest in the Gulf Coast Express Pipeline (GCX) from a Phillips 66 affiliate for $865 million. Following the acquisition, GCX will be jointly owned by subsidiaries of Kinder Morgan and ArcLight, with operations managed by a Kinder Morgan subsidiary. GCX is a 500-mile natural gas pipeline with a capacity of approximately 2 billion cubic feet per day. The pipeline transports natural gas from the Permian Basin to key U.S. Gulf Coast markets, including the growing liquefied natural gas (LNG) export market in South Texas. ArcLight, a company that has been in the energy infrastructure business since 2001, has ownership, under its control, or operates in excess of 47,000 miles of electric and gas transmission infrastructure.
Courtesy of ArcLight.