NuStar Finalizes Acquisition of Navigator Energy
NuStar Energy L.P. has closed on the purchase of Navigator Energy Services, LLC for approximately $1.475 billion. With the purchase, NuStar now owns and operates crude oil transportation, pipeline gathering and storage assets located in the Midland Basin of West Texas, including:
- more than 500 miles of crude oil gathering and transportation pipelines with approximately 92,000 barrels per day, ship-or-pay volume commitments and deliverability of approximately 412,000 barrels per day
- a pipeline gathering system with more than 200 connected producer tank batteries capable of more than 400,000 barrels per day of pumping capacity covering over 500,000 dedicated acres with fixed fee contracts
- approximately 1 million barrels of crude oil storage capacity with 440,000 barrels contracted to third parties
“We believe these are the right assets, in the right place, at the right time for NuStar,” said NuStar President and CEO Bradley C. Barron. “The assets are strategically located in the core of the core of the country’s most prolific basin, are well-built and well-run, are backed by solid, fee-based customer contracts, and are run on a business model and approach that falls right in our wheelhouse. They also provide us with a strong growth platform that, when coupled with our Eagle Ford system, will solidify our presence in two of the most prolific basins in the United States, which better positions us for distribution growth in the future.”
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