JP Energy Development LP Agrees to Acquire Assets from Highway Pipeline, Inc.
IRVING, Texas, September 21, 2013 – JP Liquids, LLC (“JP Energy”), a subsidiary of JP Energy Development LP, has entered into a definitive agreement to acquiresubstantially all of the assets of Highway Pipeline, Inc. (“HPI”). HPI is engaged in the transportation of natural gas liquids by tank truck in the Eagle Ford and Permian Basin.
HPI has established a reputation for outstanding service and flexibility to meet its customers’ needs. HPI also has an excellent safety record, which it has maintained through its rapid growth over the last 5 years. Many of the employees from HPI will continue with JP Energy, including HPI’s managing partner Mike McCown who will continue to manage the operations.
Chris Hill, Senior Vice President – NGLs of JP Energy, commented on the transaction “Mike and his team have built an excellent company with the core values that we look for including safety based customer service. We look forward to continuing to provide excellent customer service to HPI’s existing customers.TheHPI assets will complement our crude hauling and marketing offerings in JP Energy Development LP as we will be able to provide additional solutions to those customers.”
JP Energy will continue to operate the business at its current address6878 FM 1044 Marion, Texas.
About JP Energy Development
JP Energy Development LP is a crude oil midstream company that purchases, gathers, transports, blends, stores and markets crude oil for producers and refiners in the Mid-Continent area, and the company currently moves approximately 40,000 barrels a day of crude oil. JP Energy Development owns approximately 70 crude oil transports, 23 truck injection stations, approximately 70Mbbls of crude oil storage and over 200 miles of crude oil pipelines. JP Energy Development is an affiliate of JP Energy Partners LP. JP Energy Development and JP Energy Partners LP are supported by equity commitments from affiliates of ArcLight Capital Partners, LLC (“ArcLight”). Additional information about JP Energy Development and JP Energy Partners can be found at www.jpenergypartners.com.
About ArcLight Capital Partners, LLC
ArcLight Capital Partners, LLC is one of the leading private equity firms focused on North American energy infrastructure assets. Since its establishment in 2001, ArcLight has invested over $10 billion across multiple energy cycles in more than 100 power, midstream and production assets. Headquartered in Boston, Massachusetts with an additional office in Luxembourg, the firm’s investment team brings extensive energy expertise, industry relationships, and specialized value creation capabilities to its portfolio. Visit www.arclightcapital.com for more information.
JP Energy Partners
Posted: October 8, 2013