Plains All American has signed an agreement with Oryx Midstream Holdings, a portfolio company of Stonepeak Infrastructure Partners, to merge their respective assets, operations and commercial activities within the Permian Basin.
The newly formed strategic joint venture will be known as Plains Oryx Permian Basin and will be 65 percent owned by Plains and 35 percent owned by Oryx.
The companies said the transaction will include all of Oryx’s Permian assets and, with the exception of Plains’ long-haul pipeline systems and certain of its intra-basin terminal assets, the vast majority of Plains’ assets located within the Permian Basin.
“This joint venture is a natural combination and logical next step to optimizing our highly complementary systems,” said Willie Chiang, chairman and CEO of Plains All American. “Structured as a debt-free JV entity through a cashless transaction, this aligns with Plains’ financial and portfolio optimization strategies, is
