Business deals move forward despite the flooding of Hurricane Harvey in Houston where American Midstream Partners, LP announced the closing of its Propane Marketing and Services to SHV Energy N.V. for $170 million in cash.
American Midstream has divested 100% of Propane including Pinnacle Propane’s 40 service locations. The closure was announced Tuesday and it also means American no longer has ties to Pinnacle’s cylinder exchange business and related logistic assets as well as the Alliant gas utility system.
The deal still leaves American Midstream with ownership in nearly 4,000 miles of interstate and intrastate pipelines linking producers of natural gas, crude oil, NGLs condensate and specialty chemicals to end-use markets. The company has heavy operations in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast.
