Crescent Point Energy has entered into a definitive agreement to sell nine natural gas-gathering and processing facilities, as well as two gas pipelines in Saskatchewan, Canada, to Steel Reef Infrastructure for a total cash consideration of $500 million.
The gas processing facilities and sales gas lines have a total throughput capacity of more than 90 million cubic feet per day.
“Through the sale of these gas infrastructure assets, we will unlock value for our shareholders and further strengthen our financial position,” said Craig Bryksa, president and CEO of Crescent Point. “We have now entered into agreements to sell, or have sold, in aggregate approximately $1.45 billion of assets in 2019. This sale is also aligned with our strategy, as it allows us to further focus on our core competencies to strengthen our corporate returns.”
As part of the agreement, Crescent Point will retain processing rights at the facilities while Steel Reef will operate the as
