Occidental Petroleum Corp. (NYSE: OXY) on Aug. 8 agreed to two asset sales to EnCap Flatrock Midstream portfolio companies for about $2.6 billion.

Liquids terminaling and logistics provider Moda Midstream LLC entered into a definitive agreement to acquire the Oxy Ingleside Energy Center and certain crude oil and LPG infrastructure. Lotus Midstream LLC agreed to acquire Oxy’s Centurion pipeline system and a Southeast New Mexico crude oil gathering system. Both transactions are expected to close in third-quarter 2018.

IEC, in Ingleside, Texas, is a storage and export terminal that provides access to global markets for crude oil and LPG producers and marketers. Located near the mouth of Corpus Christi Ship Channel, it has minimal transit times to the Gulf of Mexico. The terminal links Eagle Ford Shale and Permian Basin production to key domestic and international markets.

IEC will be connected directly to multiple “next generation” long-haul crude pipelines that allow for batching and segregation of crude oil deliveries at some of the most competitive tariffs available to shippers. IEC is designed to handle a wide range of vessels, including very large crude carriers (VLCCs), at high loading rates.

IEC has approximately 2.1 million barrels of oil storage capacity and three deep-water berths for crude oil. The facility currently is undergoing expansion to add storage capacity and infrastructure for contracted customer growth and to facilitate additional development. IEC has ample footprint for additional expansion opportunities at the 900-acre site.

As part of the transaction, Moda also acquired LPG storage, berths and infrastructure, certain crude oil pipeline assets and offsite logistics locations. Looking forward, Moda plans to expand services through controlled-growth development for additional hydrocarbons expected to reach IEC in the coming years.

“We are excited to have the opportunity to continue building on Occidental’s vision of the Ingleside Energy Center as a premier export terminal in the U.S. Gulf Coast. We see enormous growth potential and look forward to providing exceptional service to our existing and new customers for years to come,” said Moda President and CEO Bo McCall. “

The Centurion pipeline system is a large-scale, integrated network of approximately 3,000 miles of crude oil gathering and transportation pipelines that extend from southeast New Mexico across the Permian Basin of West Texas to Cushing, Okla. Integrated assets also include two crude oil storage terminals strategically located in the Midland, Texas, and Cushing market centers with a combined storage capacity of approximately 7 million barrels and more than 125 truck stations. The system is designed to connect the nation’s premier supply basin to key market centers.

The Southeast New Mexico gathering system includes more than 50 miles of crude oil gathering pipelines with connections to the Centurion pipeline system and a third-party intra-basin system and related infrastructure.

The acquisition is supported by long-term revenue commitments from multiple customers and a long-term acreage dedication from Occidental.

“Lotus is very excited about this acquisition,” said Lotus CEO Mike Prince. “Centurion is a terrific network of connected assets that serve the Permian, the most prolific basin in North America. In addition, it is staffed with experienced, knowledgeable people throughout the organization. We look forward to partnering with them to expand the existing footprint by providing outstanding customer service to both current and new customers.”