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U.S. Development Group Announces Agreement To Sell Crude-By-Rail Terminals To Plains All American Pipeline LP


Wednesday, 5 Dec 2012 07:05am EST 

U.S. Development Group LLC (USD), announced that it has entered into an agreement to sell five of crude oil handling and distribution terminals to Plains All American Pipeline, L.P., for $500 million. The transaction involves the following terminals: the St. James Crude Terminal in St. James, La.; the Eagle Ford Crude Terminal in Gardendale, Texas; the Van Hook Crude Terminal in Mountrail County, N.D.; the Bakersfield Crude Terminal under development in Bakersfield, Calif. and the Niobrara Crude Terminal in Carr, Colo. In total, the terminals have throughput capacity of approximately 225,000 barrels of crude oil and condensate per day. Under the terms of the deal, USD will continue to provide customer service and scheduling on behalf of Plains as part of a Joint Services Agreement. Evercore Partners served as exclusive financial advisor to U.S. Development Group for the transaction.