EPIC Successfully Completes Sale of EPIC Crude to Plains All American
With Sale of EPIC Crude, Y-Grade and Olefins Businesses in Last 10 Months, EPIC Has Now Driven Gross Transaction Value of Approximately $5.25 Billion
EPIC Midstream Holdings ("EPIC") announced that it has completed the sale of its 45% operated interest in EPIC Crude Holdings, LP ("EPIC Crude") to Plains All American Pipeline (NASDAQ:PAA)("Plains"). Plains had already completed the purchase of 55% of EPIC Crude's non-operated interest from Diamondback Energy (NASDAQ:FANG) and Kinetik Holdings, Inc (NYSE:KNTK). EPIC Crude owns long haul crude oil pipelines and associated oil terminal/logistics facilities that serve both the Permian and Eagle Ford basins.
The completion of the sale of EPIC Crude marks the third divestiture by EPIC in the last 10 months. The three transactions have collectively driven gross transaction value of approximately $5.25 billion.
"Over the last several years, EPIC has transformed its Crude business, and this transaction underscores the strength of our team, strategy, and execution," said Brian Freed, Chief Executive Officer of EPIC. "We developed a strategic footprint in Corpus Christi with downstream interconnectivity to our export facility and third-party terminals and refineries, as well as multiple interconnections in the top U.S. oil basin, the Permian. We believe Plains will be a great owner to steward these assets into their next phase."
"Ares is pleased to have supported Brian and the EPIC team through its evolution and recent achievements," said Robert Kimmel, Partner in the Ares Private Equity Group. "We believe as the EPIC businesses move forward in their respective next chapters, they are well-positioned to meet the needs of customers."
Freed continued, "I am incredibly proud of the entire EPIC team's leadership and dedication in helping us reach these milestones. I also want to thank Ares for their partnership and support in positioning the EPIC businesses for the long-term," said Brian Freed.
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Media Contact:
EPIC Midstream Holdings, LP
Mike Garberding
Chief Financial Officer
(346) 231-1776
mike.garberding@epicmid.com