Plains All American and Stonepeak-backed Oryx Midstream formed Plains Oryx Permian Basin.

Plains All American, an owner and operator of midstream energy infrastructure and provider of logistics services for crude oil, natural gas liquids and natural gas, and Stonepeak-backed Oryx Midstream, a midstream crude oil logistics provider, formed Plains Oryx Permian Basin, a joint venture of assets, operations and commercial activities within the Permian Basin. Plains All American and Oryx Midstream own 65% and 35%, respectively. Financial terms were not disclosed. “This joint venture is a natural combination and logical next step to optimizing our highly complementary systems. Structured as a debt-free JV entity through a cashless transaction, this aligns with Plains’ financial and portfolio optimization strategies, is near-term free cash flow accretive to Plains and Oryx, and reinforces Plains’ ability to maximize free cash flow for our investors, while enhancing our overall credit profile,” Willie Chiang, Plains All American Chairman and CEO.