Whiting to Sell North Dakota Midstream Assets
Whiting Petroleum will sell 50% interest in its Robinson Lake natural gas processing plant and associated natural gas gathering system in Mountrail County, ND, along with its 50% of its Belfield natural gas processing plant and associated natural gas, crude oil and water gathering systems in Stark, Billings and Dunn counties.
An affiliate of Tesoro Logistics Rockies agreed to buy the assets for $700 million. Whiting’s share of the sale price would be about $375 million. From April through September, these plants averaged 132 MMcf/d throughput. The transaction is expected to close in the first quarter of 2017.
“We expect this sale to further strengthen our balance sheet and provide us with additional financial flexibility to invest for growth in Whiting’s top tier producing assets in the Williston and DJ Basins,” said James J. Volker, Whiting’s chairman, president and CEO. “This sale aligns with our ongoing strategy to divest non-core midstream assets and focus capital in the company’s highly productive upstream business.”
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