Eagle Rock Energy Partners, L.P. (NASDAQ:EROC), a master limited partnership (MLP) that leverages its upstream and midstream expertise to build, acquire and operate oil and gas properties, natural gas gathering systems, and natural gas processing plants, today made a public notification that it has revised its long-term NGL marketing agreement with Oneok Hydrocarbon to boost Oneok’s volume takeaway commitment with respect to certain of the partnership’s processing plants in the Texas Panhandle.
The amendment helps Eagle Rock increase its NGL transportation and fractionation capacity by approximately 58% planned in phases to correspond with the expansion of the partnership’s Phoenix-Arrington Ranch plant and the installation of its Woodall Plant serving the Granite Wash play in Hemphill and Wheeler Counties. The amendment was filed on 23rd of August, 2011 on Form 8-K with the Securities and Exchange Commission as a material agreement.
Joseph A. Mills, Eagle Rock’s Chairman and Chief Executive Officer, puts forward “We are pleased to announce long-term NGL takeaway support for our Phoenix-Arrington Ranch plant expansion and the installation of the Woodall plant in the Texas Panhandle”. He also shares that the Woodall Plant will increase the processing capacity of approximately 190 MMcf/d serving the Granite Wash play of the Texas Panhandle. The Woodall Plant is likely to be completed in the first quarter of 2012.
Shares of EROC climbed 2% to $9.93.
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