Houston-based Plains All American Pipeline said last week its subsidiary Plains Oryx Permian Basin – a joint venture of Plains and Oryx Midstream Services Permian Basin – acquired Diamondback Energy’s 43 percent interest in OMOG JV for about $225 million ($145 million net to Plains’ interest). Oil & Gas Journal said the OMOG crude oil gathering and transportation system includes about 400 miles of crude oil gathering and regional transportation pipelines and 350,000 barrels of crude oil storage in Andrews, Ector, Martin and Midland counties.
Willie Chiang, chairman and CEO, said Aug. 4, “We announced strategic actions this quarter, including a bolt-on acquisition in the Permian that will complement our existing geographic footprint.”