Oklahoma-based NGL Energy Partners LP says it has purchased a Port Hudson natural gas liquids terminal in a bankruptcy auction of certain assets belonging to Murphy Energy Corp.
In a news release issued today, NGL Energy says it has been approved by a United States bankruptcy court as the high bidder for assets that include the Port Hudson facility and a natural gas liquids and condensate facility in Kingfisher, Oklahoma.
The combined deal totals roughly $51 million and is expected to close in January.
The assets, the company says, fit strategically within NGL’s existing liquids and crude oil segments and include long-term, fee-based contracts.
“We are excited to add the Port Hudson Terminal and Kingfisher Facility to our asset base as we continue to expand our midstream presence in both the Mid-Continent and Gulf Coast regions,” says Todd Tanory, senior vice president of Midstream Assets.
The Port Hudson terminal consists of four truck unloading bays and eight pressurized storage tanks with a total capacity of 720,000 gallons, a company statement says. The facility allows for the aggregation and supply of butane and naphtha for motor fuel blending.
