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.
