Plains All American Pipeline secures a $585 million deal for Silver Creek Midstream's Wyoming-based crude gathering and storage assets, bolstering its regional infrastructure and production connectivity.
Plains All American Pipeline is expanding its Powder River Basin crude midstream footprint through a $585m cash acquisition with long-term volume commitments.
Plains GP Holdings stands to benefit from the same Powder River Basin acquisition through its ownership interest in Plains All American Pipeline.
Plains All American Pipeline and Plains GP Holdings have entered a definitive agreement to acquire Silver Creek Midstream's crude oil assets for $585 million in cash. The acquisition includes 600 miles of pipeline and 1.2 million barrels of storage capacity, significantly expanding Plains' footprint in the Powder River Basin with long-term volume commitments.
The deal includes Silver Creek's crude oil gathering, transportation, and storage operations in Wyoming, featuring 600 miles of pipeline, 1.2 million barrels of storage, and a 49% interest in the Powder River Gateway Joint Venture.