Andeavor to Acquire Rangeland Energy II
Rangeland Energy today announced that the company and its financial sponsor EnCap Flatrock Midstream have entered into a definitive agreement to sell Rangeland Energy II, LLC to Tesoro Refining & Marketing Company LLC, a wholly owned subsidiary of Andeavor, for an undisclosed amount. Rangeland II owns and operates the RIO System, a multipart crude oil and frac sand logistics system originating in the heart of the Delaware Basin. The system provides access and optionality to multiple crude oil producers and end markets and consists of the RIO Pipeline System and the RIO Hub.
The all-cash transaction is expected to close early in the first quarter of 2018, subject to customary regulatory approvals. Moving forward, the Rangeland II management team will focus on the expansion of Rangeland Energy III, LLC. Rangeland III is developing the STEPS logistics terminal in Corpus Christi and pursuing midstream opportunities in western Canada.
STEPS is an integrated hydrocarbon logistics system that will receive and store refined products, liquefied petroleum gas and other hydrocarbons at a new terminal hub now under construction in Corpus Christi, Texas, and transport them to terminals primarily located in Mexico..
Related News
Related News
- Keystone Oil Pipeline Resumes Operations After Temporary Shutdown
- Freeport LNG Plant Runs Near Zero Consumption for Fifth Day
- Biden Administration Buys Oil for Emergency Reserve Above Target Price
- Mexico Seizes Air Liquide's Hydrogen Plant at Pemex Refinery
- Enbridge to Invest $500 Million in Pipeline Assets, Including Expansion of 850-Mile Gray Oak Pipeline
Comments