SemGroup Energy Partners Acquires Crude Storage

Tulsa-based SemGroup Energy Partners, L.P. has completed the previously announced acquisition of eight recently constructed crude oil storage tanks located at the Cushing Interchange from SemCrude, L.P. for $90 million. As part of the transaction, SemCrude transferred a take-or-pay, fee-based agreement to SGLP that requires substantially all of the 2.0 million barrels of new storage for a third-party customer.
SemCrude is a subsidiary of privately owned SemGroup, L.P.
The acquisition increases SGLP’s total storage capacity to more than 15 million barrels. Almost 7 million barrels of the storage is within the Cushing Interchange, one of the largest crude oil marketing hubs in the United States. SGLP funded the acquisition from additional borrowings under its credit facility.

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