Summit Utilities Closes on Purchase of Arkansas and Oklahoma Gas Distribution Assets

Source: www.gulfoilandgas.com 1/10/2022, Location: North America

Summit Utilities, Inc. (“Summit”) announced that it has closed on its acquisition of the gas distribution assets of CenterPoint Energy, Inc. (“CenterPoint”) in Arkansas, Oklahoma and Texarkana, Texas.

“At Summit, we are committed to helping our communities thrive by providing safe and affordable energy solutions that keep homes warm, businesses growing and industry running,” said Summit President and CEO Kurt Adams. “That is why we are honored to be expanding our footprint in Arkansas and Oklahoma while adding the Texarkana area to our service territory. Our mission is to help families, businesses, and industries meet their energy needs while providing high quality customer service. We are eager to become a part of the community in these new service territories and do our part to help them prosper.”

The gas distribution systems included in the transaction serve approximately 525,000 customers in Arkansas, Oklahoma and Texas, and include 17,000 miles of gas main pipeline across those three states. As part of the acquisition, Summit will be welcoming nearly 600 CenterPoint team members to the company.

“The team members that are serving Arkansas, Oklahoma, and Texarkana communities today will continue to deliver exceptional natural gas service to our customers,” said Adams. “Although the name of the company that provides this service will be changing from CenterPoint Energy to Summit Utilities, our objective is to make this transition as seamless as possible.”

Transaction Details: The transaction received approval from both the Oklahoma Corporation Commission (“OCC”) and Arkansas Public Service Commission (“APSC”). OCC approval was granted on November 16, 2021. APSC approval was granted on December 6, 2021, after an agreement was reached between Summit, CenterPoint, APSC’s General Staff, the Attorney General, and groups representing Arkansas consumers.

Transition Details: There will be a period of up to one year where the two companies will work together to migrate all operations and services to Summit. During that transition period, CenterPoint will continue to provide certain services to customers on behalf of Summit Utilities including aspects of billing, customer support and marketing. While this is a large, complex transaction, Summit and CenterPoint will endeavor to provide a seamless transition.

Customers will not have to make any changes today to continue their current service. During the transition, customers should continue to visit www.CenterPointEnergy.com to access account information online or call 800-992-7552 in Arkansas and Texarkana, and 866-275-5265 in Oklahoma for customer service.

To report a natural gas outage or emergency, customers should call 800-992-7552 or call 911.

Advisors: Centerview Partners LLC and KeyBanc Capital Markets served as financial advisors, and Morgan, Lewis & Bockius LLP served as legal counsel to Summit. In addition, a committed bridge financing facility to support the transaction was provided by KeyBank National Association.


Nigeria >>  7/1/2022 - ADM Energy PLC, a natural resources investing company, provides an update on the legal proceedings in respect of its interest in the Barracuda oil fie...
Norway >>  7/1/2022 - Rex International Holding Limited (“Rex International Holding”, “Rex” or the “Company”, and together with its subsidiaries, the “Group”), a technology...

Norway >>  7/1/2022 - The farmin agreement with OMV (Norge) AS ("OMV"), which was first announced on May 9, 2022, has now been concluded, according to Longboat Energy, an u...
Canada >>  6/30/2022 - STORAGEVAULT CANADA INC. (“StorageVault”) is pleased to announce that, further to its May 12, 2022 news release, it has completed the acquisition of 6...

Nigeria >>  6/30/2022 - Reference is made to previous stock exchange releases by PetroNor E&P ASA (“PetroNor") regarding the acquisition of Panoro Energy ASA’s (“Panoro”) int...
United States >>  6/30/2022 - U.S. Energy Corp. has entered into an agreement (the “Agreement”) to acquire operated oil and gas producing properties in an all-cash transaction (the...




Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.