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Magnum Development, LLC

Company Summary


Magnum Development, LLC is developing multiple businesses utilizing the only known gulf style salt dome in the west. Magnum businesses include: compressed air energy storage (CAES), power generation, refined products storage, crude oil storage, natural gas storage, and the storage of other industrial gases. Located in Millard County, north of Delta, Utah, the 10,000-acre site is strategically located at the crossroads of existing and developing renewable electric, natural gas, and petroleum liquids infrastructure. In 2011, the Company received a certificate of public convenience and necessity from the Federal Energy Regulatory Commission (FERC) under section 7(c) of the Natural Gas Act and Part 157 of FERC's regulations, authorizing construction and operation of natural gas storage caverns at the site.


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Company Transactions

Date: 3/31/2018
Type: Joint Venture

NGL is selling a stake in Sawtooth for $45 million to Magnum, resulting in NGL owning 67.6% of the JV and Magnum holding 32.4%. Magnum has optionality to acquire an additional 21.6% stake in the JV and another 46.0% within three years of closing. The deal will close March 31, 2018.
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