Wolf Midstream Inc. Signs Agreement to Acquire 50% Interest in Access Pipeline in Alberta for $1.4 Billion
10/7/2016
Calgary-based Wolf Midstream will acquire a 50% ownership interest in Access Pipeline from Devon Energy for $1.4 billion. The Access system includes pipelines transporting blended bitumen and diluent between the Christina Lake area of northeastern Alberta and Edmonton. Under the terms of the contract, Devon’s thermal-oil acreage is dedicated to Access for an initial term of 25 years. Closing is expected during the third quarter.
In September 2015, Wolf’s management team and Canada Pension Plan Investment Board (CPPIB) created a midstream investment vehicle focused on acquisition opportunities in Western Canada. The transaction will be funded at closing by Wolf through an investment by CPPIB of $825 million and third-party debt financing.
Related News
Related News
Sign up to Receive Our Newsletter
Pipeline Project Spotlight
Owner:
Phillips 66, Bridger Pipeline
Project:
Liberty Pipeline
Type:
Project includes construction of an oil pipeline from the Bakken and Rockies production areas to Corpus Christi, TX
Length:
~1,300 miles
Capacity:
350 Mbpd
Start:
NA
Completion:
4Q 2020
Comments