BP America has agreed to sell its Sunray and Hemphill natural gas processing plants in Texas, together with an associated gas gathering system, to Eagle Rock Energy Partners for $227.5 million in cash, the company said Friday.
The Sunray plant, in Moore County, and the Hemphill plant, in Hemphill County, have a combined processing capacity of about 220,000 Mcf/d and an associated gathering system of around 2,500 miles of pipeline, BP said in a statement.
"BP believes these assets, which serve BP's natural gas production in the Texas Panhandle region, will be more strategically valuable to a company that specializes in midstream oil and gas operations," the company said.
The deal does not include BP's gas producing assets in the area. It is expected to close in the fourth quarter, BP said.
