NUSTAR ACQUIRES PIPELINE AND STORAGE SYSTEM IN THE MIDLAND BASIN
NuStar Energy announced that it has entered into a definitive agreement to acquire Navigator Energy Services, for approximately $1.475 billion, subject to purchase price adjustments. Navigator owns and operates crude oil transportation, pipeline gathering and storage assets located in the Midland Basin of West Texas consisting of:
- Approximately 500 miles of crude oil mainline transportation pipelines with approximately 74,000 barrels per day, ship-or-pay volume commitments and deliverability of approximately 412,000 barrels per day through multiple outbound interconnects;
- A pipeline gathering system with more than 200 connected producer tank batteries capable of more than 400,000 barrels per day of pumping capacity covering over 500,000 dedicated acres; and
- Approximately 1 million barrels of crude oil storage capacity with 440,000 barrels leased to third parties.
The acquisition is expected to close in mid- to late-May 2017. (Source: NuStar)