$850 million sale of natural gas storage by Plains All American
Plains All American and Hartree Partners have announced the execution of definitive agreements whereby Plains will sell its Pine Prairie and Southern Pines natural gas storage facilities to an affiliate of Hartree for a total cash consideration of $850 million.
Chairman and CEO of Plains, Willie Chiang, said: “Today’s announcement marks a key step in the execution of our 2021 Plan and deleveraging programme.”
He added: “Successful completion of this transaction will enable Plains to exceed our 2021 asset sales target of $750 million, generating additional free cash flow and building momentum to reduce debt and increase investor returns.
“We thank our PAA Natural Gas team members for their dedication to excellence over the past decade plus, and we know they will contribute as part of Hartree to continue to unlock further value.”
For more information visit www.plainsallamerican.com
8th June 2021