NGL Energy Partners acquires Magnum NGLs infrastructure

February 9, 2015 By    

NGL Energy Partners LP signed an agreement to acquire Magnum NGLs LLC and its natural gas liquids (NGLs) storage assets. According to a press release, Magnum owns and operates an NGLs storage facility southwest of Salt Lake City, with multiple salt caverns and a potential capacity of more than 10 million barrels. The facility has rail and truck access to Western U.S. markets, according to NGL Energy Partners.

The companies agreed on a purchase price of $280 million plus working capital adjustments at closing, according to NGL Energy Partners. The transaction will be paid through a combination of $80 million in cash and $200 million in NGL common units, the company reports. The transaction is expected to close in the first quarter of 2015.

Comments are currently closed.

Privacy Preference Center

Close your account?

Your account will be closed and all data will be permanently deleted and cannot be recovered. Are you sure?