Petrohawk sells 50% of its North Louisiana Haynesville Shale midstream operations to Kinder Morgan for $875 million. The assets are expected to have gas throughput of 800 mmcfd by year-end 2010.
“The oil and gas explorer cited low gas prices for the sale of stake in Haynesville shale gathering and treating business, and said it will reduce its rig count in the shale by 20 percent.
“Petrohawk and pipeline operator Kinder Morgan will form a new 50:50 midstream joint venture, KinderHawk Field Services LLC, for the Haynesville business and the new company will focus on serving third-party shippers, the company said in a statement.
“The joint venture, with over 173 miles of pipeline currently in service, will have projected throughput of 800 million cubic feet per day of natural gas by year-end 2010.”