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UPDATE: CenterPoint Pares Gains to 8% From 10% After New 52-Week High; OGE up 10%, Adding To 6% Gains, Past 52-Week High; Compaies Form Midstream Partnership

By: MT Newswires
Posted: 3/15/2013 3:09:00 PM
Referenced Stocks: CNP;OGE

CenterPoint Energy, Inc. ( CNP ), OGE Energy Corp. ( OGE ), and ArcLight Capital Partners, LLC have entered into an agreement to form a master limited partnership that will include CenterPoint Energy's interstate pipelines and field services businesses and the midstream business of Enogex LLC, owned jointly by subsidiaries of OGE and Arclight.

The partnership will be managed by a general partner whose governance will be shared by CenterPoint Energy and OGE on a 50/50 basis.

CNP shares are up 7.8% at $23.55, paring earlier 10% gains at a new 52-week high of $24.01; OGE shares are up 10%, adding to an earlier 6% gain at $64.99, forging a new 52-week high of $67.67.