A pumpjack nods above the Permian Basin in West Texas. (image: PaintedBunting via flickr.com)
A piece of the machinery that gets natural gas liquids from the Permian Basin to the processing facilities at the propane hub of Mont Belvieu has changed hands in an $85 million deal.
Houston’s Buckeye Partners sold its 20-percent stake in the West Texas LPG Pipeline to Atlas Pipeline Partners, Buckeye announced yesterday. The pipeline sends liquids from gas fields in New Mexico and West Texas to the fractionation plants at Mont Belvieu.
“As part of our continuous review of Buckeye’s portfolio of assets, this non-operating partnership interest was identified as non-core and subsequently offered for sale,” the Buckeye chairman said in the press release.
Chevron controls the other 80-percent of the West Texas pipe.