Plains All American Pipeline completes Bakken gathering, transportation asset acquisition

Source: Plains All American Pipeline

Plains All American Pipeline, L.P. (NYSE:PAA) has closed the acquisition of Nexen’s Bakken Gathering and Transportation Assets as previously announced on November 15. 

Total consideration, which is subject to post-closing adjustments, was approximately $223 million, including approximately $170 million for the business and physical assets and approximately $53 million for approximately 450,000 barrels of inventory and other working capital adjustments. 

The assets are primarily located in Northwestern North Dakota and Northeastern Montana and include: a lease gathering business that currently handles approximately 55,000 barrels per day; the Robinson Lake pipeline, a FERC regulated 20-mile, 8-inch pipeline that currently handles approximately 18,000 barrels per day; 8 truck terminals and various other contractual rights.

Plains All American Pipeline, L.P. is a publicly traded master limited partnership engaged in the transportation, storage, terminalling and marketing of crude oil, refined products and liquefied petroleum gas and other natural gas related petroleum products. Through its general partner interest and majority equity ownership position in PAA Natural Gas Storage, L.P. (NYSE:PNG), PAA is also engaged in the development and operation of natural gas storage facilities. PAA is headquartered in Houston, Texas.



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs