Loading...
Loading...
Plains All American Pipeline, L.P.
PAA today announced that it has
acquired certain crude oil and condensate gathering assets located in the
Eagle Ford area of South Texas from a subsidiary of Chesapeake Energy
Corporation
CHK. The purchase price was approximately $125 million.
The acquired assets include approximately 40 miles of crude oil/condensate
gathering pipelines with a throughput capacity of approximately 50,000 barrels
per day; 150,000 barrels of existing crude oil and condensate storage
capacity; 300,000 barrels of storage capacity under construction and a truck
unloading terminal. In support of the transaction, Chesapeake has provided
long-term acreage dedications of future production in Webb and Dimmit
counties. The acquired assets are complementary to and will be connected with
PAA's existing crude oil and condensate gathering systems.
PAA owns a network of approximately 18,000 miles of liquids pipelines, 120
million barrels of liquids storage capacity and handles more than 3 million
barrels of physical product on a daily basis.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in