It was announced this morning (Tuesday, September 2) that Plains All American Pipeline, L.P. and Plains GP Holdings (collectively “Plains”) have entered into an agreement to acquire a 55% non-operated interest in EPIC Crude Holdings, LP from subsidiaries of Diamondback Energy, Inc and Kinetik Holdings. This $1.57 billion transaction is expected to be completed by early 2026, with the remaining 45% interest in EPIC Crude Holdings owned by a portfolio company of Ares Management Corporation ( “EPIC Management”). This acquisition follows P66's announcement earlier this year of its $2.2 billion plan to acquire the EPIC NGL pipeline system, two fractionators near Corpus Christi and other NGL-related assets in Texas.
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Tulsa Time - Does ONEOK's Magellan Deal Give It Enough Scale and Permian Presence?
The feeling is almost palpable among midstreamers: In a fast-changing energy industry, the companies that gather, transport, store and export hydrocarbons need to consolidate and augment — and be smart about how they get bigger. Scale, that’s the key. That — plus complementary assets that provide synergies, lower costs and increase free cash flow, a sizable portion of which can be returned to shareholders as dividends and buybacks — is what investors are looking for. Oh, and don’t forget this important M&A goal: gaining a larger footprint and a more prominent role in the Permian, the dominant U.S. production area. ONEOK, a midstream company heretofore primarily focused on moving NGLs and natural gas, earlier this week announced an $18.8 billion agreement to acquire Magellan Midstream Partners, which is best known for pipelines that transport refined products and crude oil. In today’s RBN blog, we and our friends at East Daley Analytics kick the tires, look under the hood, and give our thoughts on the deal’s pros and potential cons.
- Blog
You're Gonna Go Far - EPIC Crude Pipeline, Poised for Growth
The EPIC Crude Pipeline, which stretches from the prolific Permian Basin in West Texas to Corpus Christi, has operated above its original nameplate capacity for more than a year, with volumes rising in recent months. Owner EPIC Midstream in April sold its NGL pipeline to Phillips 66 for $2.2 billion and its Olefins Pipeline to Howard Energy Partners in December 2024. In today’s RBN blog, we’ll discuss the EPIC Crude Pipeline and what might be ahead.
- Blog
Don't Stop - Targa Resources, Phillips 66 Detail Plans for Expanding Permian-to-Gulf Infrastructure
The handful of midstream companies that provide a full range of “wellhead-to-water” services between the Permian and the Gulf Coast are in growth mode, advancing a long list of gas processing plants, takeaway pipelines, fractionators and export terminal expansions. Last time we looked at what Enterprise Products Partners and Energy Transfer are up to. In today’s RBN blog, we shift our spotlight to what Targa Resources and Phillips 66 are planning, with Targa building a slew of projects and P66 growing primarily through organic opportunities that have arisen following recent bolt-on M&A.
