Deals - Acquisition, Mergers, Divestitures
SemGroup Completes Pipeline Acquisition
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SemGroup Corporation, and Gavilon, LLC, today announced that each has completed the acquisition of a 25 percent share of Glass Mountain Pipeline LLC previously owned by an affiliate of Chesapeake Energy Corporation (NYSE:CHK). Following this purchase, SemGroup Corporation now owns 50 percent of Glass Mountain Pipeline; the remaining 50 percent of the pipeline is now owned by Gavilon. Chesapeake will maintain its long-term transportation agreement with Glass Mountain Pipeline, providing the economic incentive for its construction.
The Glass Mountain Pipeline will have an initial capacity of approximately 140,000 barrels per day and 440,000 barrels of intermediate storage. The pipeline will consist of two laterals. One lateral will originate near the town of Alva in Woods County, Oklahoma.
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