Plains to buy Silver Creek for $585 million

• Plains All American Pipeline and Plains GP Holdings agreed to acquire Silver Creek for approximately $585 million.
• The deal adds 600 miles of crude oil pipelines and more than 350,000 barrels per day of capacity.
• The acquisition expands Plains’ Powder River Basin infrastructure network.

Plains All American Pipeline (NASDAQ:PAA) and Plains GP Holdings (NASDAQ:PAGP) agreed to acquire SCM PR II, LLC, known as Silver Creek, for approximately $585 million in cash, adding crude oil gathering assets in the Powder River Basin.

The acquired system connects with Plains’ existing Rockies infrastructure through the Guernsey and Fort Laramie hubs and currently handles about 125,000 barrels per day of throughput.

The transaction includes approximately 600 miles of crude oil gathering and transmission pipelines, more than 350,000 barrels per day of operating capacity, about 1.2 million barrels of storage, and a 49% non-operated interest in the Powder River Gateway joint venture.

Plains said the acquisition is supported by 915,000 dedicated acres through long-term commitments and minimum volume agreements, with a weighted-average contract term of more than eight years.

Plains All American Pipeline operates midstream energy infrastructure, including crude oil pipelines, storage facilities, and transportation systems across North America.

The acquisition is expected to close in the fourth quarter of 2026, subject to regulatory review and other customary closing conditions.