Spectra Energy Corp announced Dec. 11 an agreement to buy Express-Platte Pipeline System from Borealis Infrastructure, the Ontario Teachers’ Pension Plan and Kinder Morgan Energy Partners for $1.49 billion.
The 1,717-mile Express-Platte Pipeline System begins in Hardisty, Alberta and terminates in Wood River, IL. It includes the Express and Platte crude oil pipelines. The Express pipeline carries crude to U.S. refining markets in the Rockies area, specifically Billings and Laurel, MT and Casper, WY. Its capacity is 280,000 bpd. The Platte pipeline, which interconnects with Express pipeline in Casper, transports crude predominantly from the Bakken and Western Canada to refiners in the Midwest. Its capacity ranges from 164,000 bpd in Wyoming to 145,000 bpd to Wood River.
“The Express-Platte Pipeline System expands Spectra Energy’s footprint into a rapidly growing area,” said Greg Ebel, Spectra president and CEO. “This system is strategically located to supply crude oil to U.S. refining markets. It also represents an incremental growth platform for Spectra Energy that enables further investment in related crude and refined product assets.”