NuStar Energy Closes Oil Pipeline Asset Deal for $325M
NuStar is also spending $100 million on natural gas liquid assets
Oil company NuStar Energy LP (NYSE: NS) has closed on its purchase of crude oil pipeline, gathering and storage assets in the Eagle Ford shale region for about $325 million.
The company is also spending about $100 million to buy natural gas liquid assets in the Eagle Ford region. TexStar Midstream Services LP is selling the assets for both deals.
NuStar expects to grow its fee-based pipeline and storage operations.
The deal is one of many in the hot energy sector, including Plains All American Pipeline LP’s (NYSE: PAA) purchase of oil assets for $125 million announced Dec. 13, and Access Midstream Partners LP’s purchase Chesapeake Midstream Operating LLC, announced Dec. 12.
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