Texas-based Epic Midstream Holdings has sold its 45 per cent minority stake in Epic Crude Holdings to Plains All American Pipeline.
Plains already completed the purchase of 55 per cent stake in Epic Crude from Diamondback Energy and Kinetik Holdings Inc in early September. Epic Crude owns long haul crude oil pipelines and associated oil terminal and logistics facilities that serve both the Permian and Eagle Ford basins.
The completion of the sale marks the third divestiture by Epic in the last 10 months. The three transactions have collectively driven gross transaction value of approximately US$5.25 billion.
Brian Freed, CEO of EPIC, said: “Over the last several years, EPIC has transformed its crude business, and this transaction underscores the strength of our team, strategy, and execution.
“We developed a strategic footprint in Corpus Christi with downstream interconnectivity to our export facility and third-party terminals and refineries, as well as multiple interconnections in the top U.S. oil basin, the Permian.
“We believe Plains will be a great owner to steward these assets into their next phase.”