XML 83 R22.htm IDEA: XBRL DOCUMENT v2.4.0.8
Subsequent Events
9 Months Ended
Sep. 30, 2013
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events

On October 21, 2013, the Company and the Partnership entered into agreements with Devon Energy Corporation (“Devon”) to combine substantially all of Devon’s U.S. midstream assets with our assets to form a new midstream business. The new business will consist of two publicly traded entities: the Master Limited Partnership and a General Partner entity (collectively “the New Company”). The transaction is expected to be completed during the first quarter of 2014 pending stockholder approval.
On October 28, 2013, the Partnership announced it will expand its natural gas gathering and processing system in the Permian Basin by constructing a new natural gas processing complex and rich gas gathering pipeline system. The initial investment of approximately $140.0 million will include treating, processing and gas takeaway solutions for regional producers. The project, which will be fully owned by the Partnership, is supported by long-term, fee-based contracts. The entire project is scheduled to be completed and operational in the summer of 2014.