Houston-based Plains All American Pipeline and Plains GP Holdings said last week they made three bolt-on acquisitions for a total of $670 million, including assets from Medallion Midstream in Delaware Basin. Plains Oryx Permian Basin acquired Medallion’s crude oil gathering business from The Energy and Minerals Group for $160 million.
Willie Chiang, chairman and CEO of Plains, said Jan. 7, “The bolt-on acquisitions are an excellent strategic fit for Plains and allow us to progress our efficient growth strategy by adding high-quality assets adjacent to our existing integrated footprint.”
Plains also acquired Ironwood Midstream Energy, which owns a gathering system in Eagle Ford, from EnCap Flatrock Midstream for $475 million and the remaining 50 percent interest in Midway Pipeline from a subsidiary of CVR Energy for $90 million.