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Saturday, July 13, 2013 8:56:13 PM
In March, Spectra Energy announced it closed the acquisition of the Express-Platte Pipeline System, purchasing 100% interest in the 1,717-mile, crude oil system for $1.49 billion.
The Express-Platte Pipeline System, which begins in Hardisty, Alberta, and terminates in Wood River, Illinois, includes the Express and Platte crude oil pipelines. The Express pipeline carries crude oil to refining markets in the Rocky Mountain states. The pipeline's capacity is 280,000 bbl/d. The Platte pipeline transports crude oil predominantly from the Bakken and Western Canada to refiners in the Midwest.
Platte's capacity ranges from 164,000 bbl/d in Wyoming to 145,000 bbl/d in Illinois. The Express-Platte System is one of three major pipelines moving crude oil from Western Canada to the U.S. The system also serves the Bakken and Niobrara shale oil plays.
In May, Spectra Energy announced an agreement to drop down 50% of the Express-Platte Pipeline System to Spectra Energy Partners for approximately $555 million in cash, approximately $139 million in newly issued partnership units, and approximately $129 million of acquired Express-Platte System debt.
In June, Spectra Energy announced its intention to drop down all of its remaining U.S. Transmission and Storage assets to Spectra Energy Partners by the end of the year.
Oil & Gas | OTCBB | OTCQB | Pink Sheets
Purely my own opinion. This is not investment advise and do your own due diligence.
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