Energy Transfer LP is adding 3,000 miles of crude gathering and transportation traversing the Permian Basin to Oklahoma in a $1.45 billion deal for Lotus Midstream Operations LLC. The transaction with an affiliate of EnCap Flatrock Midstream (EFM), set to be completed by mid-year, would include a $900 million cash payment and 44.5 million new…
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Permian Crude Pipe Venture by ExxonMobil, Plains Gains Third Partner
New Permian Basin player Lotus Midstream LLC is saddling up with ExxonMobil Corp. and Plains All American Pipeline LP in their plans to move more than 1 million b/d of crude oil and condensate from West Texas to the Texas coast.Lotus, formed earlier this year with a $400 million commitment from Encap Flatrock Midstream, said the parties expect to form a joint venture and issue a final investment decision (FID) by the end of the year.
September 28, 2018
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