TULSA, Okla., Dec. 26, 2017 (GLOBE NEWSWIRE) -- SemGroup® Corporation (NYSE:SEMG) today announced that it has completed the sale of its 50 percent interest in Glass Mountain Pipeline, LLC to a fund managed by BlackRock Real Assets in partnership with Navigator Energy Services for $300 million subject to customary post-closing adjustments.
“We are extremely pleased with the valuation of the Glass Mountain sale, which represents a significant step in our capital raise plan to fund the final payment for the acquisition of Houston Fuel Oil Terminal Company,” said SemGroup President and Chief Executive Officer Carlin Conner. “We continue to pursue additional options for completing the remainder of the payment and for pre-funding our strategic growth on the Gulf Coast, Mid-Continent and in Canada.”
SemGroup subsidiary Rose Rock Midstream will continue as the pipeline operator for a period of time following closing.
Based in Tulsa, Okla., SemGroup® Corporation (NYSE:SEMG) is a publicly traded midstream service company providing the energy industry the means to move products from the wellhead to the wholesale marketplace. SemGroup provides diversified services for end-users and consumers of crude oil, natural gas, natural gas liquids, refined products, residual fuel oil and asphalt. Services include purchasing, selling, processing, transporting, terminalling and storing energy.
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