Stonehenge Energy Resources II, L.P. announced Monday it had completed the sale of Stonehenge Appalachia, LLC to UGI Energy Services for $190 million.
“We are excited to find a great operator for Stonehenge Appalachia in UGIES, a company which we believe shares a similar set of values, operating philosophy, and commitment to serving the needs of the Appalachian Basin,” said Peter Augustini, Partner at Energy Spectrum Capital. “We look forward to continuing to support Stonehenge as they capitalize on future compelling opportunities in the region.”
The Butler County-based Stonehenge Appalachia is a natural gas gathering system that includes more than 47 miles of pipeline and associated compression assets. Stonehenge also reaffirmed its commitment to growth in the Appalachian Basin. It said it would continue owning and operating its Stonehenge Laurel Gathering system in Appalachia with its JV Partner, Laurel Mountain Energy, LLC. Additionally, Stonehenge Energy Resources III, LLC will continue to own and operate Pine Run Midstream system, which it acquired in February 2021.
“UGI Energy Services has become a valuable strategic partner for us in western Pennsylvania, and we are very pleased to close our second transaction with the company in less than 12 months. We are excited to continue working with UGIES on both current and future opportunities in the region,” said Patrick Redalen, CEO of Stonehenge II and Stonehenge III. “Further, I want to personally thank the entire Stonehenge team and the many companies and individuals who have worked tirelessly to support us in the buildout and operation of the Stonehenge Appalachia, LLC system.”