Lotus Midstream to Acquire Centurion Pipeline
Crude oil logistics provider Lotus Midstream entered into a definitive agreement to acquire the Centurion pipeline system and a Southeast New Mexico crude oil gathering system from Occidental Petroleum.
The transaction is expected to close later in the third quarter of 2018, subject to customary closing conditions.
The Centurion pipeline system is an integrated network of about 3,000 miles of crude oil gathering and transportation pipelines that extend from southeast New Mexico across the Permian Basin of West Texas to Cushing, Okla.
Integrated assets also include two crude oil storage terminals in the Midland, Texas, and Cushing market centers with a combined storage capacity of 7 MMbbls and more than 125 truck stations.
The Southeast New Mexico gathering system includes more than 50 miles of crude oil gathering pipelines with connections to the Centurion pipeline system and a third-party intra-basin system and related infrastructure.
The acquisition is supported by long-term revenue commitments from multiple customers and a long-term acreage dedication from Occidental.
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