Tumblelog by Soup.io
Newer posts are loading.
You are at the newest post.
Click here to check if anything new just came in.
tobyabxi

Occidental Petroleum Corp. To Sell 50% Of Bridgetex Pipeline Co. | Oilonline

Written by OilOnline Press - November 7th, 2014 Plains All home page American Pipeline (PAA) has agreed to purchase Occidental Petroleums 50% interest in the BridgeTex Pipeline Co. for US$1.075 billion. The sale will cover the pipelines approximate 400mi northern leg, which runs from the Permian Basin to East Houston. Magellan Midstream Partners url (MMP) operates and owns the remaining 50% interest in BridgeTex. In addition, BridgeTex has agreed to sell the southern leg of the pipeline system which runs from Houston to Texas City, known as the Texas City Leg, to MMP for $75 million. MMP has agreed to enter into a long-term capacity lease with BridgeTex, allowing BridgeTex shippers access to capacity on the Texas City Leg. PAA's acquisition of Occidental's interest in BridgeTex is subject to completion by Plains GP Holdings (PAGP) of an underwritten secondary offering after which Occidental would sell a portion of its equity interest in PAGP. In order to facilitate such offering and the overall transaction, (i) the board of directors of PAGP's general partner has agreed to an early release of the 15-month lock-up arrangement that was originally imposed on certain PAGP equity owners, including Occidental, in connection with PAGP's initial public offering in October 2013, and (ii) certain affiliates of Kayne Anderson Investment Management, Inc., The Energy & Minerals Group and PAA Management, L.P.
Source: http://www.oilonline.com/news/business-activity/occidental-petroleum-corp-sell-50-bridgetex-pipeline-co

Don't be the product, buy the product!

Schweinderl