UGI Corp. (NYSE: UGI), through its subsidiary UGI Energy Services LLC, has acquired Stonehenge Appalachia LLC from Stonehenge Energy Holdings LLC for $190 million.
Stonehenge Appalachia includes over 47 miles of pipeline and related compression assets with the gathering capacity of 130 million cubic feet per day.
“The acquisition of Stonehenge, in addition to our recent purchase of an ownership stake in the Pine Run gathering system, demonstrates our commitment to the Appalachian basin, which averaged a record 31.9 billion cubic feet per day of production in the first half of 2021, the highest for a six month period since production began in 2008,” commented Robert Beard, executive vice president at UGI.
“This investment is consistent with our strategy of delivering reliable earnings growth while continuing to rebalance our business activities with increasing investments in natural gas and renewables,” added Roger Perreault, president and CEO. “We are pleased to enhance our natural gas gathering capabilities through this investment in well positioned assets in the Appalachian basin.”