NorthAmOil: Crescent Midstream reportedly explores sale

Pipeline company Crescent Midstream is exploring a sale that could be worth $1.3bn including debt, Bloomberg reported citing anonymous sources.

The Carlyle Group-backed midstream company has reportedly received interest.

Crescent is working with an advisor as it explores options, said Bloomberg.

The sale exploration is ongoing and may not result in a transaction, the sources stressed.  

Crescent owns over 1,931 km of pipelines in Louisiana and the US Gulf of Mexico that transport nearly 200mn barrels of oil per year. The Crescent system serves more than 80 deepwater platforms, says its website.

Carlyle, a global private equity firm, bought into Crimson Midstream Holdings, Crescent’s former owner, in 2019. Crimson was founded in 2005 and was sold to CorEnergy Infrastructure Trust, eventually emerging as an independent.