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First Reserve sells Texas oil transport company for $1.5b

NuStar Energy has plans to acquire Navigator Energy Services from First Reserve for nearly $1.5 billion.

Navigator owns and operates crude oil transportation, pipeline gathering and storage assets located in the Midland Basin of West Texas.

These assets comprise approximately 500 miles of crude oil mainline transportation pipelines with roughly 74,000 barrels per day, and ship-or-pay volume commitments and deliverability of approximately 412,000 barrels per day through multiple outbound interconnects; a pipeline gathering system with more than 200 connected producer tank batteries capable of more than 400,000 barrels per day of pumping capacity covering over 500,000 dedicated acres; and approximately 1 million barrels of crude oil storage capacity with 440,000 barrels leased to third parties.

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