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Oct. 18, 2019, 6:12 a.m. EDT

DTE to buy shale distribution assets in $2.25 billion deal

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By Steve Goldstein

DTE

DTE Energy /zigman2/quotes/205073403/composite DTE -0.78% said it's reached a deal to buy the gathering system and gathering pipeline in the Haynesville shale formation of Louisiana for $2.25 billion in cash plus a milestone payment of $400 million. DTE said the assets, being acquired from Momentum Midstream and Indigo Natural Resources, the primary gas producer supplying the system, include an existing gathering system and a 150-mile gathering pipeline under construction, which will be in service in the second half of 2020. DTE said the deal is immediately $0.15 accretive to operating earnings per share in 2020, growing to $0.45 per share over five years.

/zigman2/quotes/205073403/composite
US : U.S.: NYSE
$ 111.16
-0.87 -0.78%
Volume: 229,598
Sept. 21, 2020 12:35p
P/E Ratio
17.61
Dividend Yield
3.63%
Market Cap
$21.58 billion
Rev. per Employee
$1.34M
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