Devon Energy, Crosstex to form pipeline, processing company

Mon Oct 21, 2013 2:17pm BST

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Oct 21 (Reuters) - Devon Energy Corp said it would combine all its U.S. pipeline, processing and related infrastructure assets with assets owned by Crosstex Energy Inc and Crosstex Energy LP to form a new midstream business.

Devon's contributed assets are valued at $4.8 billion and the newly formed company is expected to have adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of about $700 million in 2014, the companies said in a statement.