Energy Capital Partners-backed Summit Midstream Partners has agreed to purchase Piceance Basin midstream assets from Encana (NYSE: ECA) for $590 million. The assets are currently transporting about 500 million cubic feet per day of natural gas under long term contracts and serve production in the area around Rifle, CO. Summit acquires and develops midstream energy infrastructure assets located in North American production basins and import centers.
Since the beginning of 2010, PE investors have invested in 202 companies in the Energy industry, according to the PitchBook Platform. Activity in the industry has been led by the Services and Exploration, Production & Refining sectors, which accounted for 40% and 39%, respectively, of the Energy deals during the time period. So far this year, 83 Energy deals have been completed, putting 2011 just slightly behind 2010's deal pace. 2010 posted a total of 123 completed deals. However, in terms of median deal sizes, 2011 is edging out 2010 at $148 million, compared to $133 million.