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Msg  1218 of 1254  at  10/18/2019 12:07:48 PM  by

jerrykrause


DTE's Haynesville Deal Accelerates Midstream Investment Plans DTE

 DTE's Haynesville Deal Accelerates Midstream Investment Plans DTE
 
Dow Jones
 
 
By Colin Kellaher

DTE Energy Co. (DTE) Friday said its deal to buy a gathering system and pipeline in the Haynesville shale formation accelerates its five-year investment plan for its DTE Midstream non-utility unit.

The Detroit energy company has planned to invest $4 billion to $5 billion in the DTE Midstream business from 2019 to 2023.

DTE is paying an initial $2.25 billion for the assets, which it is buying from privately held Momentum Midstream and Indigo Natural Resources, along with a $400 million milestone payment upon completion of the pipeline.

The company said another $600 million of contracted future growth capital brings its total acquisition-related investment to $3.25 billion.

DTE said it will fund the acquisition with a mix of 50% senior unsecured debt and 50% equity, mainly mandatory convertible equity units. The company added that it expects to maintain its strong balance sheet and investment-grade credit profile. 


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