Plains completed the acquisition of additional 45% stake in EPIC Crude Holdings from Epic Midstream and Ares Management for $1.33bn.

Plains, a Houston-based midstream energy company, completed the acquisition of additional 45% stake in EPIC Crude Holdings, a major midstream infrastructure asset, from Epic Midstream, a midstream logistics services provider, and Ares Management, an American publicly traded, global alternative asset manager, for $1.33bn. “We have made significant progress in our journey of becoming the premier crude oil midstream provider. The pending divestiture of our NGL business, acquisition of EPIC, and streamlining efforts across the broader organization will provide tailwinds for the business despite near-term macro volatility. We remain committed to our capital allocation framework and returning cash to unitholders. Our approximately 9.5% distribution yield is well supported with distribution coverage and offers an attractive opportunity to participate in energy markets where we expect improving oil market fundamentals,” Willie Chiang, Chairman, Plains CEO, and President.