The transaction is expected to close in 2019, according to NJR Midstream. With the acquisition of Leaf River, NJR Midstream will now have ownership interests in natural gas storage facilities in the Gulf Coast and Marcellus Shale regions.
“By leveraging our market expertise, NJR Midstream is well positioned with Leaf River to be a leading Gulf Coast service provider in one of the most significant and growing energy demand centers in the United States,” Steve Westhoven, president and chief operating officer of New Jersey Resources, said in a statement. “This transaction is another example of our commitment to pursuing and delivering long-term share-owner value by acquiring high-quality assets with organic growth potential.”
A premier natural gas storage facility, Leaf River is located in southeastern Mississippi with unique reliability capabilities and connections to six interstate pipelines.