Plains Acquires Silver Creek’s Powder River Crude Assets in $585M Deal
Plains All American Pipeline has agreed to acquire Silver Creek Midstream's crude oil midstream assets in the Powder River Basin for approximately $585 million. The all-cash transaction involves SCM PR II, a holding company owned by Tailwater Capital and EMG. Plains will gain control of around 600 miles of pipelines with an operating capacity of about 350,000 barrels per day and over one million barrels in storage. The acquisition includes a non-operated interest in the Powder River Gateway Joint Venture's Iron Horse and Powder River Express pipelines. Silver Creek’s system is backed by long-term agreements covering nearly 915,000 acres with an average contract length of more than eight years. Plains expects this deal to expand its footprint in the region and improve connectivity as production continues to grow. The transaction requires regulatory approvals under the Hart-Scott-Rodino Act and is expected to close by Q4 2026.
Tickers: $PAA
Topics: Acquisition Energy Oil & Gas Midstream