Plains Acquires Silver Creek Midstream Assets in Powder River Basin

HOUSTON, Sept. 16, 2026 /CourierPR/ -- Plains All American Pipeline, L.P. has agreed to acquire Silver Creek Midstream’s assets in the Powder River Basin, a deal valued at approximately $585 million. The acquisition will expand Plains’ presence in the region and enhance its integrated transportation network.

According to the press release, Plains’ subsidiary will take over one of the largest integrated crude oil gathering systems in the Powder River Basin. The system, owned and operated by Silver Creek, serves a diverse group of producers, including many of the basin’s leading companies. The acquisition includes approximately 600 miles of crude oil gathering and transmission pipelines, more than 350,000 barrels per day of operating capacity, and about 1.2 million barrels of operational storage capacity. Additionally, Plains will gain a 49% non-operated interest in the Powder River Gateway Joint Venture, including Iron Horse and Powder River Express.

The transaction is expected to strengthen Plains’ Rockies franchise by adding a gathering system supported by a diversified portfolio of high-quality customers. The basin is known for its substantial remaining drilling inventory, with an attractive outlook for continued producer development over the next several years. The acquisition is expected to create commercial and operational opportunities for growth, with an estimated current throughput of about 125,000 barrels per day.

Willie Chiang, Chairman, CEO, and President of Plains, stated, "Silver Creek represents a highly strategic addition to Plains’ Rockies platform. The acquisition is in line with our internal rate of return thresholds and expands our footprint in the Powder River Basin, a region supported by substantial remaining drilling inventory and an attractive outlook for continued producer development over the coming years."

The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Mizuho acted as financial advisor to Plains, while Latham & Watkins served as legal advisors.

This acquisition is part of Plains’ ongoing strategy to create long-term value for shareholders. The company has also recently announced a junior subordinated notes offering and the retirement of its Series A and Series B preferred units, which are expected to create optionality and momentum heading into 2027.

The deal is expected to enhance producer access to Plains’ integrated transportation network and long-haul assets, delivering crude oil volumes to Cushing. Plains’ extensive network of pipeline gathering and transportation systems, combined with its existing Rockies infrastructure, will provide a robust platform for future growth in the Powder River Basin.