Plains to acquire 55% stake in EPIC Crude Holdings from Diamondback Energy and Kinetik for $1.57bn.

Plains, a Houston-based midstream energy company, agreed to acquire a 55% stake in EPIC Crude Holdings, a major midstream infrastructure asset, from Diamondback Energy, an independent oil and natural gas company, and Kinetik Holdings, a midstream operator, for $1.57bn. “We are excited to work with the EPIC Management team. This transaction strengthens our position as the premier crude oil midstream provider, complements our asset footprint and enhances our customer offering," Willie Chiang, Plains All American Chairman, CEO and President.