NGL Energy Partners LP Announces Closing of the Acquisition of Certain Assets from Murphy Energy Corporation
10 January 2017 - 4:50AM
Business Wire
NGL Energy Partners LP (NYSE:NGL) announced today that it
has closed on the previously announced acquisition of certain
assets of Murphy Energy Corporation. The assets include the Port
Hudson, Louisiana Terminal, which is a natural gas liquids terminal
that supports refined products blending, and the Kingfisher,
Oklahoma Facility, which is a natural gas liquids and condensate
facility. The combined purchase price of the assets was
approximately $51 million.
The Port Hudson Terminal is located near Baton Rouge, Louisiana,
and is in proximity to other refined products infrastructure along
the Colonial Pipeline. This truck unloading and storage facility
allows for the aggregation and supply of butane and naphtha for
motor fuel blending. The terminal consists of four truck unloading
bays and eight pressurized storage tanks with total capacity of
720,000 gallons. Cash flows are supported by long-term supply
contracts.
The Kingfisher Facility is a natural gas liquids and condensate
facility located in Kingfisher, Oklahoma and connects to the
Chisholm NGL Pipeline and the Conway Fractionation complex. The
facility has multiple truck unloading stations, 450,000 gallons of
storage capacity, a methanol extraction tower and a 5,000-barrel
per day condensate splitter. Located in the middle of the STACK
shale play, this asset is expected to directly benefit from
increased drilling activity in the STACK and SCOOP plays of central
Oklahoma. The facility is supplied by production from regional gas
processing plants and producers. Crude oil from this facility is
also expected to be delivered to Cushing via the newly announced
Glass Mountain Pipeline extension into the STACK play. NGL Energy
Partners LP is a fifty percent owner in Glass Mountain
Pipeline.
Inquiries about the terminal capabilities and service options
available should be directed to Jay Furman at
918-477-0525.
About NGL Energy Partners LP
NGL Energy Partners LP is a Delaware limited partnership. NGL
owns and operates a vertically integrated energy business with five
primary businesses: water solutions, crude oil logistics, NGL
logistics, refined products/renewables and retail propane. For
further information, visit the Partnership’s website at
www.nglenergypartners.com.
This press release includes “forward-looking statements.” All
statements other than statements of historical facts included or
incorporated herein may constitute forward-looking statements.
Actual results could vary significantly from those expressed or
implied in such statements and are subject to a number of risks and
uncertainties. While NGL believes its expectations as reflected in
the forward-looking statements are reasonable, NGL can give no
assurance that such expectations will prove to be correct. The
forward-looking statements involve risks and uncertainties that
affect operations, financial performance, and other factors as
discussed in filings with the Securities and Exchange
Commission. Other factors that could impact any forward-looking
statements are those risks described in NGL’s annual report on Form
10-K, quarterly reports on Form 10-Q, and other filings with
the Securities and Exchange Commission. You are urged to
carefully review and consider the cautionary statements and other
disclosures made in those filings, specifically those under the
heading “Risk Factors.” NGL undertakes no obligation to publicly
update or revise any forward-looking statements except as required
by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20170109006141/en/
NGL Energy Partners LPTrey Karlovich, 918-481-1119Executive Vice
President and Chief Financial
OfficerTrey.Karlovich@nglep.comorLinda Bridges, 918-481-1119Vice
President – Finance and TreasurerLinda.Bridges@nglep.com
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