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CEBCS & XTO Sign Agreement to Gather Crude Oil in Bakken

Source: www.gulfoilandgas.com 4/9/2013, Location: North America

CenterPoint Energy Bakken Crude Services, LLC (CEBCS), an indirect, wholly-owned subsidiary of CenterPoint Energy, Inc., announced it has entered into a long-term agreement with XTO Energy Inc., a subsidiary of Exxon Mobil Corporation, to gather XTO's crude oil production through a new crude oil gathering and transportation pipeline system in North Dakota's liquids-rich Bakken shale. The agreement with XTO is the first agreement entered into pursuant to the open season announced by CEBCS on February 19.

Under the terms of this new agreement, which includes volume commitments, CEBCS will provide service to XTO over a gathering system to be constructed in Dunn and McKenzie counties, North Dakota. The gathering system will have a capacity of up to 19,500 barrels per day.

"We are extremely pleased to provide long-term crude oil gathering services for such an outstanding producer, and we appreciate the confidence they have placed in our current and expanding capabilities," said C. Gregory Harper, senior vice president and group president of CenterPoint Energy's Midstream business. "Our excellent track record of developing gathering systems on time and on budget continues to provide us with opportunities, and positions us to execute our strategy of expanding into liquids-rich basins."

"This agreement presents significant growth opportunities," added Scott Prochazka, executive vice president and chief operating officer of CenterPoint Energy. "It leverages our core competencies while allowing us to diversify our product gathering capabilities and geographic footprint."

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