Lotus Midstream to buy Centurion Pipeline from Occidental PetroleumStaff Writer |
Acquisition The Centurion pipeline system is a large-scale, integrated network
Crude oil logistics provider Lotus Midstream announced it has entered into a definitive agreement to acquire the Centurion pipeline system and a Southeast New Mexico crude oil gathering system from Occidental Petroleum Corporation.
The Centurion pipeline system is a large-scale, integrated network of approximately 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, Oklahoma.
Integrated assets also include two crude oil storage terminals strategically located in the Midland, Texas, and Cushing, Oklahoma market centers with a combined storage capacity of approximately seven million barrels and more than 125 truck stations.
The system is designed to connect the nation’s premier supply basin to key market centers.
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 intrabasin 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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