Summit Midstream Partners has sold Summit Midstream Utica, which includes its approximately 36 percent interest in Ohio Gathering Co., approximately 38 percent interest in Ohio Condensate Co. and wholly owned Utica assets to a subsidiary of MPLX LP for $625 million.
“We are pleased to announce this compelling transaction with MPLX, which is the result of a thorough strategic review, and generates substantial value creation opportunities for our unitholders,” said Heath Deneke, president, CEO, and chairman. “MPLX has been a great joint venture partner and operator of the OGC and OCC assets since Summit entered the Utica Shale in 2014, and we thank both MPLX and our valued Summit employees for their hard work and dedication to the partnership and producer customers in the region.
“As we evaluate the strategic and commercial opportunities for our existing assets, we believe there are several value-optimizing strategies to pursue to further build scale, particularl