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Vol. 17, No. 23 Week of June 03, 2012
Providing coverage of Bakken oil and gas

NGL Energy merger adds oil transport

The propane midstream and downstream outfit NGL Energy Partners LP is buying an interest in a crude oil gathering and marketing firm for $693 million in stock and cash.

Once finalized, the merger with Denver-based High Sierra Energy LP and its general partner will give the Tulsa, Okla.-based NGL Energy access to a crude oil segment that handles about 50,000 barrels per day and controls three crude oil terminals, including facilities in North Dakota; a water treatment segment that handles more than 80,000 barrels of water per day from a plant in Wyoming; and a natural gas liquids transportation and marketing segment that moves some 45,000 barrels per day “from coast to coast.”

“Combining NGL and High Sierra creates a dynamic and diversified mid-cap (master limited partnership) that will provide multiple services to upstream customers including water treatment and transportation, crude oil gathering, transportation and marketing as well as natural gas liquids transportation and marketing,” CEO H. Michael Krimbill said.

NGL Energy operates a vertically integrated propane company that serves 124,000 customers in 11 states with an estimated 5.7 million gallons of storage capacity.

—Eric Lidji



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