Magellan Midstream closes $289MM oil storage and pipeline acquisition from BP

Source: Magellan Midstream

Magellan Midstream Partners (NYSE:MMP) has completed its acquisition of 7.8 million barrels of crude oil storage and more than 100 miles of active petroleum pipelines from BP Pipelines (NYSE:BP), for $289 million.
In addition, the partnership will acquire certain crude oil tank working inventory at fair market value, which is currently estimated to be approximately $50 million. 

"Completion of this acquisition substantially increases our presence in the crude oil storage and distribution business," said Don Wellendorf, chief executive officer. "Initial industry feedback has been extremely positive, and we look forward to pursuing opportunities to enhance the utilization of these assets." 

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