Plains All American Pipeline to Acquire Silver Creek for $585 Million

Plains All American Pipeline and Plains GP Holdings entered into a definitive agreement to acquire SCM PR II, LLC, known as Silver Creek, for approximately $585 million in cash. The acquisition, purchased from subsidiaries of Tailwater Capital and The Energy and Minerals Group, includes one of the largest integrated crude oil gathering systems in the Powder River Basin.

The acquired assets comprise roughly 600 miles of pipelines, 350,000 barrels per day of operating capacity, and 1.2 million barrels of storage capacity. The deal also includes a 49% non-operated interest in the Powder River Gateway JV. This expansion is intended to enhance producer access to the company's integrated transportation network and long-haul assets delivering to Cushing.

Willie Chiang, Chairman, CEO, and President of Plains, stated that the acquisition aligns with internal rate of return thresholds and expands the company's footprint in a region with substantial remaining drilling inventory. The transaction is expected to close in the fourth quarter of 2026, pending regulatory clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other customary closing conditions.