8-KOther EventsExhibits & Filings

DTE ENERGY CO 8-K Report, Corporate Update (May 2, 2019)

Filed May 2, 2019For Securities:DTEDTKDTBDTGDTW

Summary

DTE Energy's non-utility subsidiary, DTE Midstream, has entered into a binding letter agreement to acquire an additional 30 percent ownership interest in Stonewall Gas Gathering (SGG) for approximately $275.3 million. This strategic move will increase DTE Midstream's stake in the West Virginia-based natural gas gathering system from 55 percent to 85 percent. The transaction is expected to bolster DTE Midstream's midstream infrastructure and its position in a key natural gas producing region. Investors should note that this acquisition is subject to customary closing conditions, including the execution of a definitive agreement and the resolution of third-party rights. The press release detailing this announcement has been filed as an exhibit to this report. While the financial impact is not detailed in this specific filing beyond the purchase price, this expansion signifies DTE Energy's ongoing commitment to growing its non-utility segment and enhancing its midstream asset portfolio.

Key Highlights

  • 1DTE Midstream to acquire an additional 30% interest in Stonewall Gas Gathering (SGG) for ~$275.3 million.
  • 2Increases DTE Midstream's ownership in SGG from 55% to 85%.
  • 3SGG is a natural gas gathering system located in West Virginia.
  • 4Acquisition is subject to customary closing conditions and definitive agreement execution.
  • 5The transaction signifies strategic growth for DTE Energy's non-utility segment.
  • 6Press release announcing the agreement is included as an exhibit.

Frequently Asked Questions

DTE Energy announced through its subsidiary DTE Midstream that it has entered into a binding letter agreement to acquire an additional 30 percent ownership in Stonewall Gas Gathering (SGG) from WGL Midstream, Inc. This will increase DTE Midstream's total ownership to 85 percent.

SGG is a natural gas gathering system located in West Virginia. DTE Midstream currently operates and owns 55 percent of this asset.

The purchase price for the 30 percent interest is approximately $275.3 million. The full financial implications beyond the purchase price are not detailed in this specific 8-K filing but this represents an investment in expanding DTE's midstream assets.

Yes, the completion of the acquisition is subject to various customary conditions, including the execution of a definitive agreement and the satisfaction of certain third-party rights and notice periods.