Plains All American LP plans to sell a pair of natural gas storage facilities on the Gulf Coast for $850 million, putting it on track to exceed its 2021 divestiture target in a single blow.

Plains All American

The company said Tuesday it would sell the Pine Prairie facility in southern Louisiana and Southern Pines in eastern Mississippi to privately held Hartree Partners LP. Together, the facilities hold about 70 Bcf of total working gas capacity across nine caverns, Plains said. The assets also include associated base gas, header pipelines and compression facilities. 

Plains had previously set a $750 million sales target for 2021 after netting $450 million for assets sold last year. 

CEO Willie Chiang said the deal would allow the company to generate additional free cash flow, cut debt and beef...