Plains All American Pipeline, L.P. (NYSE: 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 (NYSE: 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.
Plains All American Pipeline, L.P. is a publicly traded master limited
partnership engaged in the transportation, storage, terminalling and
marketing of crude oil and refined products, as well as in the
processing, transportation, fractionation, storage and marketing of
natural gas liquids. Through its general partner interest and majority
equity ownership position in PAA Natural Gas Storage, L.P. (NYSE:PNG),
PAA owns and operates natural gas storage facilities. PAA is
headquartered in Houston, Texas.
Plains All American Pipeline, L.P.
Lamoreaux, 713-646-4222 – 800-564-3036
Director, Investor Relations
Leone, 713-646-4196 – 800-564-3036