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Devon, Crosstex name midstream partnership

EnLink Midstream will be the name of the new midstream partnership between Devon Energy Corp. and Crosstex Energy Inc. The company will be based in Dallas.
BY JAY F. MARKS jmarks@opubco.com Modified: January 14, 2014 at 7:49 pm •  Published: January 15, 2014

Devon Energy Corp. and Crosstex Energy Inc. have settled on a name for their combined midstream business.

EnLink Midstream will come to life once the merger is completed, the companies announced Tuesday.

“We are proud to introduce EnLink Midstream, which will be a leading, integrated midstream company with a diverse geographic footprint and a strong financial foundation,” Crosstex CEO Barry E. Davis said.

Davis will be CEO of EnLink once the Devon-Crosstex deal closes in the next couple of months. The company will be based in Dallas like Crosstex, which was founded there in 1996.

Devon will own about 70 percent of EnLink's general partner and 53 percent of the new partnership with Crosstex. Devon CEO John Richels will be the new company's chairman, while five of EnLink's eight directors will be Devon representatives.

Davis said officials chose the name EnLink because it is full of “energy and connection.”

“We realize that today's energy market requires a greater suite of services and capabilities, with evolving market demands,” he said in an 85-second video posted on the new company's website. “We're responding to them with a commitment to create one of the largest, best positioned midstream companies in the U.S.

“It's our goal, our promise to be the strongest link in the midstream chain.”

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