(Source: Shutterstock.com)
Midstream and energy logistics company USD Partners LP completed a sale of a rail terminal in Casper, Wyoming.
USD Partners (USDP) sold its Casper rail terminal to South 49 Holdings Ltd., a member of the Midstream Energy Partners group, for approximately $33 million in cash.
The deal, which was first announced on March 23, was completed on March 31, USDP said in a news release.
USDP plans to use most of the proceeds from the sale to reduce borrowings under the partnership’s revolving credit facility.
“As we continue to transition our business to lower carbon solutions, including our DRUbit™ by Rail™ network, we are reviewing all assets and their strategic fit in our growth plans,” said Dan Borgen, CEO of USDP.
USDP originally acquired the Casper terminal, a crude oil storage, blending and railcar-loading terminal, in November 2015.
Inbound heavy crude oil from Western Canada is delivered to the Casper terminal through the facility’s pipeline connection with Enbridge’s Express pipeline system, which supplies several different grades of heavy crude to customers, according to USDP regulatory filings.
The Casper facility also includes six storage tanks with 900,000 barrels (bbl) of total capacity and a train car-loading capacity of more than 100,000 bbl/d.
Outbound crude from the Casper terminal is loaded onto railcars and transported to key refining markets by BNSF.
Piper Sandler & Co. acted as financial adviser to USDP in connection with the terminal sale.
Recommended Reading
Artificial Lift Firm Flowco’s Stock Surges 23% in First-Day Trading
2025-01-22 - Shares for artificial lift specialist Flowco Holdings spiked 23% in their first day of trading. Flowco CEO Joe Bob Edwards told Hart Energy that the durability of artificial lift and production optimization stands out in the OFS space.
Murphy Shares Drop on 4Q Miss, but ’25 Plans Show Promise
2025-02-02 - Murphy Oil’s fourth-quarter 2024 output missed analysts’ expectations, but analysts see upside with a robust Eagle Ford Shale drilling program and the international E&P’s discovery offshore Vietnam.
Utica Oil’s Infinity IPO Values its Play at $48,000 per Boe/d
2025-01-30 - Private-equity-backed Infinity Natural Resources’ IPO pricing on Jan. 30 gives a first look into market valuation for Ohio’s new tight-oil Utica play. Public trading is to begin the morning of Jan. 31.
Michael Hillebrand Appointed Chairman of IPAA
2025-01-28 - Oil and gas executive Michael Hillebrand has been appointed chairman of the Independent Petroleum Association of America’s board of directors for a two-year term.
EON Enters Funding Arrangement for Permian Well Completions
2024-12-02 - EON Resources, formerly HNR Acquisition, is securing funds to develop 45 wells on its 13,700 leasehold acres in Eddy County, New Mexico.
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.