Louis buys Conoco, Exxon assets

Louis Dreyfus Energy Services L.P. expanded its natural gas liquids business by acquiring assets from ConocoPhillips and ExxonMobil. Financial terms of the acquisitions weren’t provided.

In a press release April 23, Louis Dreyfus said Mont Belvieu Storage Partners L.P., its 50-50 venture with Teppco Partners L.P., acquired from ConocoPhillips three salt-dome storage wells capable of storing 5.6 million barrels; 2.6 million barrels of brine storage capacity; various pipeline assets; and a 200-acre parcel of property in Mont Belvieu, Texas.

Louis Dreyfus units also acquired from ExxonMobil a 1,400-mile natural gas liquids pipeline that runs from Midland to Hull, Texas, and a liquefied petroleum gas terminal in Hattiesburg, Miss.

The Mont Belvieu venture also holds a 20 percent interest in the Sea Robin Gas Processing Plant in Louisiana. Louis Dreyfus Energy Services is a unit of Paris-based Louis Dreyfus S.A.S.