Plains Buys Oil Assets for $125M, Latest in Long Streak of Energy Deals
The crude oil assets are in the Eagle Ford area of South Texas
Plains All American Pipeline LP (NYSE: PAA) has acquired crude oil and gathering assets in the Eagle Ford area of South Texas for $125 million.
The assets were owned by a subsidiary of Chesapeake Energy Corp. (NYSE: CHK)
Plains bought 40 miles of crude oil gathering pipelines. The company owns a network of about 18,000 miles of pipelines.
On Dec. 5, Plains purchased four crude oil rail terminals for about $500 million.
Chesapeake sold off subsidiary Chesapeake Midstream Operating LLC for $2.16 billion in cash to Access Midstream Partners LP in a deal announced Dec. 12.
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