Warren’s Energy Transfer to Buy Crestwood for $7.1 Billion (2)

Billionaire Kelcy Warren’s Energy Transfer LP will buy Crestwood Equity Partners LP in a $7.1 billion all-equity deal that will create a major expansion of its pipeline networks across the US.

The deal will extend Energy Transfer’s position in the Williston basin of Montana and North Dakota and the Permian Basin of West Texas and New Mexico, while providing entry into Wyoming’s Powder River Basin, according to a statement Wednesday. Crestwood’s system includes about 2 billion cubic feet a day of gas gathering capacity and 340,000 barrels a day of crude oil gathering capacity.

Shares of Energy Transfer were about ...