Independent U.S. refiner Andeavor (NYSE: ANDV) said Feb. 2 it had acquired a LNG facility in Kenai, Alaska, from ConocoPhillips Co. (NYSE: COP).
"This acquisition further strengthens our integrated value chain by optimizing our operations in Kenai and providing low-cost fuel for our refinery," the company said.
The company did not disclose financial details of the transaction.
ConocoPhillips said that the sale of the facility had closed and the operation had been transferred to Andeavor on Jan. 31.
Sale of the plant completed the company's exit from the Cook Inlet region and will allow ConocoPhillips Alaska to direct its full attention to operations in North Slope region where it is investing in new projects, the company said.
The facility, which entered service in 1969, last exported LNG in 2015, according to federal data. It has the capacity to liquefy 200 million cubic feet per day of gas.
Andeavor also operates a 62,700 barrel-per-day refinery in Kenai.
Recommended Reading
Quantum’s VanLoh: New ‘Wave’ of Private Equity Investment Unlikely
2024-10-10 - Private equity titan Wil VanLoh, founder of Quantum Capital Group, shares his perspective on the dearth of oil and gas exploration, family office and private equity funding limitations and where M&A is headed next.
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.
Post Oak-backed Quantent Closes Haynesville Deal in North Louisiana
2024-09-09 - Quantent Energy Partners’ initial Haynesville Shale acquisition comes as Post Oak Energy Capital closes an equity commitment for the E&P.
EQT to Cut Workforce 15% Following Close of Equitrans Acquisition
2024-10-02 - EQT Corp. closed its $5.5 billion all-stock buy of Equitrans Midstream Corp. on Sept. 22.