Voyager Midstream Holdings (Voyager), a portfolio company of Pearl Energy Investments, has completed the acquisition of a non-operated interest in the Panola Pipeline from Phillips 66.
Operated by Enterprise Products Partners, the 254-mile Panola Pipeline transports Y-Grade natural gas liquids (NGLs) from Panola County to Mont Belvieu in Texas.
The acquisition aligns strategically with Voyager’s existing operations in east Texas and north Louisiana.
Voyager owns and operates around 550 miles of natural gas pipelines.
The company also boasts a cryogenic gas processing capacity of 400 million cubic feet per day, alongside a liquids fractionation capacity of 12,000 barrels per day.
Phillips 66 divested its natural gas gathering and processing assets in east Texas to Voyager Midstream in September last year.
Voyager chief executive officer Will Harvey said: “Panola Pipeline is a critical NGL pipeline connecting the major east Texas gas processing complexes and Gulf Coast demand markets. We are excited to work alongside our partners in Panola Pipeline to safely transport liquids to satisfy growing demand for NGLs along the Gulf Coast.
“This acquisition strengthens our ability to provide cost-effective and reliable service to our customers.”
Additionally, Voyager manages the Carthage Hub, a natural gas trading and delivery hub with a capacity exceeding one billion cubic feet per day.
The Carthage Hub provides interconnectivity to various US markets including premium liquefied natural gas markets in Texas and Louisiana.
In addition to acquiring the Panola Pipeline interest, Voyager has entered into a credit facility agreement with the Bank of Oklahoma.
This facility, combined with equity commitments from Pearl Energy Investments, offers Voyager significant flexibility and capital to support its growth initiatives.
Phillips 66’s divestment of its natural gas gathering and processing assets in east Texas to Voyager is part of its strategy to monetise non-core assets and streamline operations.
Financial details of the transaction were not disclosed.
