NGL Energy Partners LP said Dec. 20 it was approved by bankruptcy court as the high bidder for certain Murphy Energy Corp. assets including the Port Hudson, La., NGL terminal.
These assets fit strategically within NGL’s existing liquids and crude oil segments and include long-term, fee-based contracts.
The Port Hudson terminal near Baton Rouge, La., is near other refined products infrastructure along the Colonial Pipeline. The truck unloading and storage facility holds butane and naphtha for motor fuel blending. The terminal consists of four truck unloading bays and eight pressurized storage tanks with total capacity of 720,000 gallons (gal).
The Kingfisher, Okla., NGL and condensate facility was also included. It connects to the Chisholm NGL Pipeline and the Conway fractionation complex. The facility has multiple truck unloading stations, 450,000 gal of storage capacity, a methanol extraction tower and a 5,000 barrels per day condensate splitter.
The combined purchase price of the assets is about $51 million. The transaction is expected to close in January 2017.
Recommended Reading
Sold in 66 Days: Inside the Diamondback-Endeavor Deal
2024-03-26 - Diamondback Chairman and CEO Travis Stice first offered “at least $25 billion” for Endeavor Energy Resources on Dec. 8. The deal closed just weeks later for $26 billion.
Diamondback Energy to Acquire Permian’s Endeavor for $26B
2024-02-11 - Diamondback Energy will acquire Endeavor Energy in a cash-and-stock agreement that will create a Permian juggernaut with a combined value of more than $52 billion in a merger of near equals.
Daugherty: Diamondback Scales Up Amid Consolidation Super Cycle
2024-03-11 - It’s time for the strongest among the services sector to follow Diamondback's lead: find fortifying prey and hunt.
Analysts: Diamondback-Endeavor Deal Creates New Permian Super Independent
2024-02-12 - The tie-up between Diamondback Energy and Endeavor Energy—two of the Permian’s top oil producers—is expected to create a new “super-independent” E&P with a market value north of $50 billion.
Diamondback Prices Senior Notes to Help Cover Endeavor Deal Cost
2024-04-10 - Diamondback Energy’s notes will help cover cash consideration for the pending acquisition of Endeavor Energy as well as repaying debt owed by Endeavor.