Plains All American Pipeline LP (NYSE: PAA) announced Nov. 14 it completed the acquisition of 50% interest in BridgeTex Pipeline Co. LLC from Occidental Petroleum Corp. for $1.075 billion.
The BridgeTex pipeline began operations in September. The 450-mile pipeline has a capacity to transport about 300,000 bbl/d of crude oil between the Permian region, from Colorado City, Texas, and Gulf Coast refinery markets.
Houston-based Plains purchased interest in the 400-mile northern leg of the line runs from the Permian to East Houston.
Oxy is also selling interest in the 40-mile, 24-inch southern leg of the pipeline to Magellan Midstream Partners LP (NYSE: MMP) for $75 million. That line runs from Houston to Texas City, Texas.
Magellan's acquisition is contingent on Oxy successfully completing its sale to Plains. Law firm Baker Botts represented Oxy in the deal.
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