Plains sells gas storage facilities along US Gulf Coast
Jun 9, 2021 2:24:pm
Summary
by: Daniel Graeber
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Plains sells gas storage facilities along US Gulf Coast
US midstream company Plains All American has reached an agreement to sell natural gas storage facilities on the US Gulf Coast to Hartree Partners for $850mn, it said June 8.
Plains CEO Willi Chiang said the sale contributes to its divestment and debt reduction goals, while boosting free cash flow.
“This is a win-win transaction for both parties,” he said. “Plains is exiting at an attractive valuation within a timeframe consistent with our expectations, while Hartree is receiving high-quality critical infrastructure in a strategic market.”