Le Lézard
Classified in: Oil industry, Business
Subject: TNM

Third Coast Midstream Announces Sale of its Cushing Crude Oil Storage Business to HCS Holdings, LLC


HOUSTON, Oct. 1, 2020 /PRNewswire/ -- Third Coast Midstream, LLC ("Third Coast Midstream") today announced that a subsidiary has completed the sale of its Cushing, OK crude oil storage business ("AMID Crude Oil Storage") to HCS Holdings, LLC, an affiliate of Hartree Partners, LP ("Hartree"). AMID Crude Oil Storage consists of five crude oil storage tanks with approximately 3.0 MMBbls of storage capacity.

"Third Coast Midstream is pleased to announce the sale of AMID Crude Oil Storage to Hartree," stated Matt Rowland, President and Chief Executive Officer of Third Coast Midstream. "We are confident that Hartree is well-positioned to further optimize these storage assets as Third Coast Midstream continues to execute on its plans to divest non-core assets and focus on its core Gulf of Mexico midstream business."

"We are delighted to have acquired from Third Coast Midstream the Cushing crude oil storage business," stated Steve Semlitz, co-founder of Hartree Partners. "The transaction represents a natural extension of Hartree expertise in investing in essential midstream infrastructure assets that are complementary to our core trading competencies. Hartree looks forward to working with the terminals existing and future third-party customers, ensuring best-in-class service."

Wells Fargo Securities served as exclusive financial advisor to Third Coast Midstream, while Sidley Austin served as Third Coast Midstream's counsel. Vinson & Elkins served as Hartree's counsel. The terms of the transaction are not being disclosed.

For media inquiries:

Third Coast Midstream, LLC
Nadine Moustafa
General Counsel
(346) 341-3412

About Third Coast Midstream, LLC

Headquartered in Houston, Texas, Third Coast Midstream is a full-service midstream company with assets that provide critical midstream infrastructure linking producers of natural gas, crude oil, NGLs, and condensate to end-use markets. Third Coast Midstream's assets are strategically located in the prolific Deepwater Gulf of Mexico. Third Coast currently owns or has an ownership interest in approximately 3,000 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, and an offshore semi-submersible floating production system with processing capacity of up to 100 MBbl/d of crude oil and 240 MMcf/d of natural gas.

About Hartree Partners, LP

Hartree Partners is a leading global merchant commodities firm specializing in energy and its associated industries. Formed in 1997, the firm focuses on identifying value in the production, refinement, transportation and consumption of tradable commodities including: electric power, natural gas, natural gas liquids, refined products, crude oil, fuel oil, freight, metals, carbon and petrochemicals, among others. Hartree Partners is jointly owned by its senior management and certain funds managed by Oaktree Capital Management, L.P.

SOURCE Third Coast Midstream, LLC


These press releases may also interest you

at 06:45
CONSOL Energy Inc. ("CEIX") and CONSOL Coal Resources LP ("CCR") today announced that they have entered into a definitive merger agreement pursuant to which CEIX will acquire all of the publicly held CCR common units in an all-stock transaction...

at 06:26
China's solar industry is expected to embrace faster growth against the background that China aims to have CO2 emissions peak before 2030 and achieve carbon neutrality before 2060, according to experts at a photovoltaic conference held on Thursday in...

at 04:30
Ritchie Bros. the world's largest industrial auctioneer and a leading equipment distributor, invites interested parties to participate in its third quarter 2020 earnings conference call, occurring on Friday, November 6, 2020 at 11:00 a.m. Eastern...

at 03:28
The conversion of Preem's refinery in Lysekil has begun. In the latest update to the refinery's environmental permit, Preem will apply to establish the capacity for the large-scale production of renewable fuels at the refinery, which is estimated to...

at 02:34
China's solar industry is expected to embrace faster growth against the background that China aims to have CO2 emissions peak before 2030 and achieve carbon neutrality before 2060, according to experts at a photovoltaic conference held on Thursday in...

22 oct 2020
In the news release, He revolutionized the electric car with Tesla and the EV-1, now Wally Rippel is partnering with The State of California and Whisper Energy to kill the internal combustion engine for good, issued 22-Oct-2020 by Whisper Energy...



News published on 1 october 2020 at 19:11 and distributed by: