Plains All American closed the transaction to sell its non-operated ownership interest in the Keyera Fort Saskatchewan facility, the company announced in a press release on Feb. 13.
The completed transaction came only a few days after Plains announced its fourth-quarter and year-end 2022 earnings, where it reported $263 million in earnings on $12.95 revenues and anticipates a financially strong 2023.
RELATED
Plains All American Expects Strong Permian Crude Growth
Through its subsidiary Plains Midstream Canada, the company sold the interest to Keyera for approximately CA$367 million ($271 million).
According to the release, the previously announced divestiture was completed on terms that will improve connectivity to the Plains Fort Saskatchewan complex at an attractive multiple.
Recommended Reading
Ithaca Energy to Buy Eni's UK Assets in $938MM North Sea Deal
2024-04-23 - Eni, one of Italy's biggest energy companies, will transfer its U.K. business in exchange for 38.5% of Ithaca's share capital, while the existing Ithaca Energy shareholders will own the remaining 61.5% of the combined group.
Triangle Energy, JV Set to Drill in North Perth Basin
2024-04-18 - The Booth-1 prospect is planned to be the first well in the joint venture’s —Triangle Energy, Strike Energy and New Zealand Oil and Gas — upcoming drilling campaign.
EIG’s MidOcean Closes Purchase of 20% Stake in Peru LNG
2024-04-23 - MidOcean Energy’s deal for SK Earthon’s Peru LNG follows a March deal to purchase Tokyo Gas’ LNG interests in Australia.
Equinor Acquires Stake in Standard Lithium Smackover Projects
2024-05-08 - Equinor’s transaction, completed effective May 7, includes interests in Standard Lithium’s flagship South West Arkansas Project and East Texas properties.
Crescent Point Divests Non-core Saskatchewan Assets to Saturn Oil & Gas
2024-05-07 - Crescent Point Energy is divesting non-core assets to boost its portfolio for long-term sustainability and repay debt.