Crosstex Energy Moves on to Phase Two of Cajun-Sibon Pipeline Extension
The Crosstex Energy companies, Crosstex Energy, L.P. (NASDAQ:XTEX) and Crosstex Energy, Inc. (NASDAQ:XTXI) announced that they are proceeding with the second phase of their Cajun-Sibon natural gas liquids (NGL) pipeline extension and fractionator expansion in Louisiana.
The Crosstex Energy companies, Crosstex Energy, L.P. (NASDAQ:XTEX) and Crosstex Energy, Inc. (NASDAQ:XTXI) announced that they are proceeding with the second phase of their Cajun-Sibon natural gas liquids (NGL) pipeline extension and fractionator expansion in Louisiana.
As quoted in the press release:
Phase II, which is expected to be completed in the second half of 2014, will include the following: the expansion of the Partnership’s Cajun-Sibon pipeline capacity by an additional 50,000 barrels per day of raw-make NGL for a total project capacity of 120,000 barrels per day; the installation of a 100,000-barrel-per-day fractionator adjacent to the Partnership’s Plaquemine natural gas processing plant.
Crosstex’s President and CEO, Barry Davis, said:
We are very pleased that the market continues to be strongly supportive of our Cajun-Sibon project. With an estimated combined adjusted EBITDA of $115 to $130 million, we believe Phases I and II will significantly increase our PNGL assets’ contribution to the bottom line, creating significant value for our investors.