NGL Energy Partners Finalizes Acquisition of Murphy Oil Assets From Bankruptcy Court

NGL

Tulsa-based NGL Energy Partners LP announced Monday that it has completed the acquisition of certain assets of Murphy Energy Corporation.

OK Energy Today reported on December 21 that NGL Energy submitted a bid of $51 million to purchase Murphy assets including the Port Hudson, Louisiana Terminal and the Kingfisher, Oklahoma facility.

The Port Hudson Terminal is located near Baton Rouge, Louisiana, and is in proximity to other refined products infrastructure along the Colonial Pipeline. The natural gas liquids terminal supports refined products blending. The terminal consists of four truck unloading bays and eight pressurized storage tanks with total capacity of 720,000 gallons. Cash flows are supported by long-term supply contracts.

The Kingfisher Facility is a natural gas liquids and condensate facility located in Kingfisher, Oklahoma and connects to the Chisholm NGL Pipeline and the Conway Fractionation complex. The facility has multiple truck unloading stations, 450,000 gallons of storage capacity, a methanol extraction tower and a 5,000-barrel per day condensate splitter. Located in the middle of the STACK shale play, this asset is expected to directly benefit from increased drilling activity in the STACK and SCOOP plays of central Oklahoma. The facility is supplied by production from regional gas processing plants and producers. Crude oil from this facility is also expected to be delivered to Cushing via the newly announced Glass Mountain Pipeline extension into the STACK play. NGL Energy Partners LP is a fifty percent owner in Glass Mountain Pipeline.