Crosstex Energy Shares Popped: What You Need to Know
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What: Shares of Crosstex Energy (NAS: XTXI) surged 10% today after the company opened season on commitments for a new pipeline.
So what: Crosstex NGL Pipeline announced the opening of binding volume commitments for interstate common carrier transportation services from Barnett Shale, Eagle Ford Shale, and other areas. The new natural gas liquids pipeline system will transport unfractionated natural gas liquids.
Now what: Crosstex Energy and Crosstex Energy GP (NAS: XTEX) plan to build the pipeline and it is planned to be completed in the first quarter of 2013. The design is for a capacity of 70,000 barrels per day to Eunice, and a smaller amount to Riverside. Open season began yesterday and will close on October 14.
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