Andeavor acquires Permian crude oil assets
Published by Anna Nicklin,
Andeavor is set to acquire 100% of the equity of Rangeland Energy II, LLC. Rangeland owns and operates assets in the Delaware and Midland Basins, including a crude oil pipeline, three crude oil storage terminals and a frac sand storage and truck loading facility.
With this acquisition, the company plans to integrate the obtained 145 000 bpd, 110 mile crude oil pipeline and crude oil storage terminals with its Conan crude oil gathering system, which currently under construction. The combination of the two systems will give producers access to multiple markets by connecting to existing takeaway pipeline systems. The combined system also supports Andeavor’s development of additional gathering systems in the area, as well as enhancing commercial opportunities by providing direct access to the Midland market hub.
Andeavor expects to drop down the pipeline assets to Andeavor Logistics, LP at a later date.
The acquisition, which is subject to customary closing conditions including regulatory approval, is anticipated to close in early 1Q18.
Read the article online at: https://www.hydrocarbonengineering.com/tanks-terminals/04012018/andeavor-acquires-permian-crude-oil-assets/
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