NGL Energy Partners LP (NYSE: NGL) acquired Point Comfort terminal assets in South Texas in a move to expand its presence in the Gulf Coast, the company said Oct. 3.
The Tulsa, Okla.-based company purchased the crude oil and condensate marine terminal project and related assets from Pelorus Terminal, Point Comfort LLC for an undisclosed amount.
"The terminal is backed by long-term, fee-based contracts and will enhance our ability to service additional markets for the export of crude oil and condensate via the Gulf of Mexico," Don Robinson, executive vice president of NGL, said in a statement.
The terminal is located at the Port of Point Comfort in Point Comfort, Texas. Assets will include 350,000 shell barrels of storage capacity, multiple truck unloading bays and capabilities of loading both inland and ocean going vessels from three docks at the port.
NGL’s Point Comfort facility will have an initial truck receipt capacity of at least 30,000 barrels per day and a marine loading capacity of up to 20,000 barrels per hour.
NGL expects the terminal to be ready for commercial service in April 2017. The terminal can be expanded to meet future market demand, the company added.
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.
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.
Analyst: Is Jerry Jones Making a Run to Take Comstock Private?
2024-09-20 - After buying more than 13.4 million Comstock shares in August, analysts wonder if Dallas Cowboys owner Jerry Jones might split the tackles and run downhill toward a go-private buyout of the Haynesville Shale gas producer.
Aethon, Murphy Refinance Debt as Fed Slashes Interest Rates
2024-09-20 - The E&Ps expect to issue new notes toward redeeming a combined $1.6 billion of existing debt, while the debt-pricing guide—the Fed funds rate—was cut on Sept. 18 from 5.5% to 5%.
Dividends Declared Sept.16 through Sept. 26
2024-09-27 - Here is a compilation of dividends declared from select upstream, midstream and service and supply companies.