Third Coast Midstream, LLC announced that a subsidiary has completed the sale of its Cushing, OK crude oil storage business “AMID Crude Oil Storage” to HCS Holdings, LLC, an affiliate of Hartree Partners, LP.
AMID Crude Oil Storage consists of five crude oil storage tanks with approximately 3.0 MMBbls of storage capacity.
“Third Coast Midstream is pleased to announce the sale of AMID Crude Oil Storage to Hartree,” stated Matt Rowland, President and Chief Executive Officer of Third Coast Midstream. He did not disclose the sales price.
“We are confident that Hartree is well-positioned to further optimize these storage assets as Third Coast Midstream continues to execute on its plans to divest non-core assets and focus on its core Gulf of Mexico midstream business.”
“We are delighted to have acquired from Third Coast Midstream the Cushing crude oil storage business,” stated Steve Semlitz, co-founder of Hartree Partners. “The transaction represents a natural extension of Hartree expertise in investing in essential midstream infrastructure assets that are complementary to our core trading competencies. Hartree looks forward to working with the terminals existing and future third-party customers, ensuring best-in-class service.”
Wells Fargo Securities served as exclusive financial advisor to Third Coast Midstream, while Sidley Austin served as Third Coast Midstream’s counsel. Vinson & Elkins served as Hartree’s counsel. The terms of the transaction are not being disclosed.
Source: BusinessWire