JP Energy Partners Completes the Acquisition of Midland 66 Oil Company
IRVING, TX, September 21, 2011 – JP Energy Partners, announced today the partnership completed the acquisition of Midland 66 Oil Company of Midland, Texas. This is JP Energy Partners’ seventh acquisition in the propane industry and second acquisition in the refined fuels industry,further expanding the partnership’s geographic presence in West Texas.
“We are now able to provide multiple product offerings in West Texas, which we believe will be beneficial to our commercial customers in this region, giving them a single supplier that can service their propane, fuel and lubricant needs,” said Robert Chalmers, SVP Corporate Development for JP Energy Partners.
Midland 66 will add refined fuels, oils and lubricants to JP Energy Partners’ propane distribution products in West Texas, complimenting the partnership’s recent acquisition of Conway Oil in Eastern New Mexico. By uniting the Midland 66 operation with one of the leading propane companies, Pinnacle Propane, JP Energy will become one of the largest distributors of propane in West Texas and Eastern New Mexico. Going forward customers will see both the Midland 66 and Pinnacle Propane brands throughout the West Texas service area.
“We are very excited that all of the Midland 66 employees will continue with us post transaction. Our customers will see the exceptional service provided by the Midland 66 and Pinnacle Propane teams continue as we bring together two outstanding service oriented companies,” said Robert Chalmers, SVP Corporate Development for JP Energy Partners.
JP Energy Partners is focused oncontinuing to develop a portfolio of diversified midstream assets and retail propane operations.
“When combined with our eastern New Mexico operations, we are now one of the leading propane and refined fuel providers in the Permian Basin. With our scale, product offerings and dedication to safety, Pinnacle Propane and Midland 66can provide an unmatched level of service and reliability to the oil field service community. In addition, our increased scale will also benefit ourcommercial and residential customersin this area.” said J. Patrick Barley, President and CEO of JP Energy Partners.
About JP Energy Partners
JP Energy Partners was formed in 2010 to focus on opportunities to acquire and consolidate midstream and natural gas liquid related businesses in the United States. JPE currently owns retail propane operations under the name Pinnacle Propane and Conway Oil Company in New Mexico, Oklahoma and Texas, as well as 18 community propane systems under the name Alliant Gas LLC throughout central Texas. The ownership and management team of JP Energy Partners bring extensive experience and a history of success in the energy business. More information about JPE and its subsidiaries can be found at www.jpenergypartners.com.
Posted: September 21, 2011