Crestwood Equity completed the acquisition of LNG assets of Plains All American for $160m.

Crestwood Equity Partners, a private equity firm, completed the acquisition of LNG assets of Plains All American, a natural gas distribution firm, for $160m. “I am very pleased with the strategies we have achieved over the past few years to position the company where it is today. That said, the COVID-19 pandemic’s impact on global crude oil demand and corresponding supply and demand imbalances have created unprecedented near-term challenges for the US energy industry including record low commodity prices, production declines, and temporary shut-ins for producers in every major basin across North America beginning in the second quarter. As a result, Crestwood has taken aggressive near-term commercial, operational and financial steps to respond to these extraordinary market conditions," Robert G. Phillips, Crestwood Chairman, President and CEO.