Plains agrees to acquire Silver Creek Midstream from Tailwater and Energy and Minerals
Plains agreed to buy Silver Creek Midstream, a Powder River Basin crude gathering system, from Tailwater Capital and The Energy and Minerals Group for about $585 million in cash.
Plains All American Pipeline and Plains GP Holdings said a wholly owned subsidiary has signed a definitive agreement to acquire SCM PR II, LLC, known as Silver Creek, from subsidiaries of Tailwater Capital and The Energy and Minerals Group. Aggregate cash consideration is approximately $585 million.
The acquired assets include about 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 operational storage, and a 49% non-operated interest in the Powder River Gateway JV. The system carries about 125,000 barrels per day of current throughput.
Plains chairman, CEO and president Willie Chiang said the deal expands Plains' Powder River Basin footprint and meets its internal return thresholds. The transaction is expected to close in the fourth quarter of 2026, subject to conditions including Hart-Scott-Rodino clearance. Mizuho was financial adviser and Latham & Watkins was legal adviser to Plains.
Deal facts
- Target
- Silver Creek Midstream
- Business
- Owner of one of the largest integrated crude oil gathering systems in the Powder River Basin, with about 600 miles of pipelines and over 350,000 barrels per day of capacity
- Buyer
- Plains All American Pipeline
- Deal type
- Exit
- Value
- $585 million
- Advisers
- Mizuho financial adviser to Plains All American Pipeline
- Latham & Watkins legal counsel to Plains All American Pipeline
- Status
- Announced, not yet closed
- Announced
- Wednesday, September 16, 2026
Sources
- GlobeNewswireSep 16, 2026
Written by Buyout Desk from the sources above. Spotted an error? Email corrections@buyoutdesk.com.