Plains Buys Remaining Stake in Permian Oil Pipe for $1.3 Billion

Plains All American Pipeline LP agreed to buy the remaining stake in the EPIC pipeline for $1.33 billion including debt, giving the company full ownership of a conduit that shuttles crude oil from the biggest US shale field to Gulf Coast export terminals.

Plains will purchase a 45% equity interest in EPIC from a portfolio company of Ares Private Equity funds, an acquisition that includes about $500 million in debt, the pipeline operator said Wednesday in a statement. The company boughtits initial 55% interest in September.

The deal helps Plains to consolidate its position in the Permian Basin ...