SemCrude, L.P. Announces Sale of White Cliffs Pipeline Ownership Shares

abarrelfullabarrelfull wrote on 13 Aug 2014 11:28
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October 1, 2010

SemCrude®, L.P., a subsidiary of SemGroup® Corporation, announces the sale of ownership shares of White Cliffs Pipeline®, L.L.C. to Samedan Pipe Line Corporation (“Noble Energy”) and Anadarko Wattenberg Company, LLC, a subsidiary of Western Gas Partners, LP (“AWC”).

As previously announced, Noble Energy and AWC notified SemCrude of their intention to exercise their option to increase their ownership in White Cliffs Pipeline. The purchase price of approximately $141 million may be adjusted upward upon final resolution of issues related to the formula for calculation of the purchase price. SemCrude Pipeline, L.L.C. has also consented to the admission of Plains Pipeline, L.P. (“Plains”) to White Cliffs Pipeline, L.L.C., pursuant to a transfer of ownership interests from Noble Energy and AWC. As a result of these transactions the ownership of White Cliffs Pipeline is SemCrude Pipeline, L.L.C. 51%, AWC 10%, Noble Energy five percent, and Plains 34%.

Proceeds from the transaction will be used by SemGroup for repayment of debt.


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