DCP Midstream Expands Gathering and Processing Business Through Acquisition of Bolt-on Permian Basin Assets

DENVER, June 14, 2022 (GLOBE NEWSWIRE) -- DCP Midstream, LP (NYSE: DCP) announced today that it has entered into a definitive agreement to acquire Permian Basin gathering and processing assets (“The James Lake System”) from Woodland Midstream II, a portfolio company of EIV Capital, in a transaction valued at $160 million, subject to certain customary adjustments. The James Lake System’s proximity to DCP’s existing assets creates the opportunity for significant synergies, reducing the acquisition multiple over time.