Key Takeaways
- • Silver Creek Midstream Holdings LLC is divesting its Powder River Basin crude oil midstream assets to Plains All American Pipeline LP and Plains GP Holdings in a $585 million transaction, marking a significant consolidation in the midstream sector.
- • Troutman Pepper Locke LLP advised the seller, while Latham & Watkins LLP represented the buyer, underscoring the deal's scale and complexity requiring top-tier legal counsel on both sides.
- • The Powder River Basin assets represent a strategic acquisition for Plains All American Pipeline, one of the largest midstream operators in North America, expanding its crude oil infrastructure footprint.
- • The transaction closed on Wednesday, September 16, 2026, demonstrating continued M&A activity in the midstream energy sector despite volatile market conditions.
Summary
Silver Creek Midstream Holdings LLC has agreed to sell its Powder River Basin crude oil midstream assets to Plains All American Pipeline LP and Plains GP Holdings for approximately $585 million, according to announcements made on September 16, 2026. The transaction represents a significant consolidation in the midstream infrastructure sector, where assets focused on crude oil transportation and logistics continue to attract substantial capital from larger operators.
Troutman Pepper Locke LLP served as legal counsel to Silver Creek Midstream Holdings, while Latham & Watkins LLP advised the buyer consortium. The involvement of both firms signals the deal's substantive size and the complexity inherent in midstream asset transfers, which typically involve regulatory review, environmental assessments, and operational continuity considerations.
Plains All American Pipeline LP, one of North America's largest midstream energy infrastructure operators, is positioned to integrate the Powder River Basin assets into its existing crude oil transportation network. The Powder River Basin, spanning Wyoming and Montana, is one of the United States' most prolific crude oil production regions, making the midstream assets strategically valuable for gathering, transporting, and delivering crude to major refining hubs and markets. This acquisition expands Plains' operational presence in a core production area.
The $585 million valuation reflects current market conditions in the midstream sector, where asset values have been influenced by energy demand patterns, interest rate environments, and the outlook for crude oil infrastructure investment. M&A activity in midstream remains a consistent feature of the energy landscape, as larger operators consolidate smaller portfolios to achieve operational efficiencies and geographic diversification.
Troutman Pepper Locke LLP served as legal counsel to Silver Creek Midstream Holdings, while Latham & Watkins LLP advised the buyer consortium. The involvement of both firms signals the deal's substantive size and the complexity inherent in midstream asset transfers, which typically involve regulatory review, environmental assessments, and operational continuity considerations.
Plains All American Pipeline LP, one of North America's largest midstream energy infrastructure operators, is positioned to integrate the Powder River Basin assets into its existing crude oil transportation network. The Powder River Basin, spanning Wyoming and Montana, is one of the United States' most prolific crude oil production regions, making the midstream assets strategically valuable for gathering, transporting, and delivering crude to major refining hubs and markets. This acquisition expands Plains' operational presence in a core production area.
The $585 million valuation reflects current market conditions in the midstream sector, where asset values have been influenced by energy demand patterns, interest rate environments, and the outlook for crude oil infrastructure investment. M&A activity in midstream remains a consistent feature of the energy landscape, as larger operators consolidate smaller portfolios to achieve operational efficiencies and geographic diversification.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.