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TRES PALACIOS GAS STORAGE LLC

Company Summary

Description

Tres Palacios Gas Storage LLC owns and operates an underground salt cavern natural gas storage facility in Matagorda County, Texas. It owns four salt caverns for use as natural gas storage and for hub services. The company was founded in 2006 and is based in Westport, Connecticut. As of December 3, 2014, Tres Palacios Gas Storage LLC operates as a subsidiary of Crestwood Midstream Partners LP.

Website

http://www.bloomberg.com/research/stocks/private/s...

Related Entities

Recent news

  • 3/1/2023 - Enbridge Acquiring Tres... (subscriber access)
  • 2/27/2023 - Tres Palacios Gas... (subscriber access)
  • 2/22/2023 - Crestwood & Brookfield... (subscriber access)

Company Transactions

Date: 5/15/2023
Type: Acquisition

SELLERS:
  • Crestwood Equity Partners LP
  • TRES PALACIOS GAS STORAGE LLC
  • Brookfield Infrastructure Partners
    • ASSETS:
  • Tres Palacios Gas Storage
    • DETAILS:

    COST: 335 $MM

    NOTES:
    Crestwood & Brookfield Infrastructure have signed an agreement to sell Tres Palacios Gas Storage for $335 million. Crestwood will receive $168 million for its 50% stake in the storage asset, and they intend to direct all proceeds to reduce borrowings on the revolving credit facility. Closing is targeted for 2Q23.