Plains All American LP picked up terminal assets on May 21 located in Oklahoma’s famous Cushing oil hub.
CVR Energy Inc. said it sold the 1.5 million-barrel crude oil terminal located in Cushing to an affiliate of Houston-based Plains for roughly $36 million.
In addition to the sale, CVR also announced it has begun to explore strategic alternatives that would maximize its value for shareholders. The company engaged BofA Merrill Lynch as its financial adviser to assist in this initiative, which could include a potential sale.
“CVR Energy is committed to maximizing value for its stockholders,” Dave Lamp, CVR Energy’s CEO, said in a statement on May 21. “Both the sale of the Cushing terminal, which allowed us to derive value from an underutilized asset, and the exploration of potential strategic alternatives support this commitment.”
CVR is a Sugar Land, Texas-based diversified holding company primarily engaged in the petroleum refining and marketing business. The company does not have a defined timeline for the exploration of strategic alternatives and makes no assurances that its evaluation will result in any transaction being announced or consummated.
The Cushing transaction closed concurrently with the signing of the purchase and sale agreement, according to the CVR release.
Recommended Reading
Midstream M&A Adjusts After E&Ps’ Rampant Permian Consolidation
2024-10-18 - Scott Brown, CEO of the Midland Basin’s Canes Midstream, said he believes the Permian Basin still has plenty of runway for growth and development.
SM Energy Adds Petroleum Engineer Ashwin Venkatraman to Board
2024-12-04 - SM Energy Co. has appointed Ashwin Venkatraman to its board of directors as an independent director and member of the audit committee.
Baker Hughes Wins Contracts for Woodside’s Louisiana LNG Project
2024-12-30 - Bechtel has ordered gas technology equipment from Baker Hughes for the first phase of Woodside Energy Group’s Louisiana LNG development.
BP Profit Falls On Weak Oil Prices, May Slow Share Buybacks
2024-10-30 - Despite a drop in profit due to weak oil prices, BP reported strong results from its U.S. shale segment and new momentum in the Gulf of Mexico.
J.P. Morgan, Capital One Commit $260MM to Arizona Solar Project
2024-10-15 - Arizona’s Box Canyon solar project secured a $260 million tax-equity financing commitment from Capital One and an affiliate of J.P. Morgan.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.