Houston-based Plains All American Pipeline completed the previously announced acquisition of a 55 percent equity interest in EPIC Crude Holdings on Oct. 31, and effective Nov. 1 it completed acquisition of the remaining 45 percent operated equity interest in EPIC. The earlier 55 percent interest was acquired from Midland’s Diamondback Energy and Kinetik Holdings. The more recent 45 percent interest was acquired from a portfolio company of Ares for the purchase price of $1.33 billion, including $500 million of debt.
EPIC pipeline is a long-haul, state-of-the-art pipeline of 800 miles that connects Delaware and Midland basins (and Eagle Ford Shale) supply to Robstown terminal near Corpus Christi. It entered service in April 2020 with capacity of 600,000 barrels per day.
Brian Freed, CEO of EPIC, said Nov. 7, “We believe Plains will be a great owner to steward these assets into their next phase.”
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