WBI Energy Midstream, an indirect subsidiary of MDU Resources Group Inc. (NYSE: MDU), said Nov. 21 that it entered a purchase and sale agreement to sell its 50% nonoperating ownership interest in the Pronghorn natural gas processing plant near Belfield, N.D.
WBI Energy Midstream co-owns the plant and 137 miles of natural gas-gathering pipeline and 143 miles of oil-gathering pipeline with Whiting Oil and Gas Corp.
Tesoro Logistics Rockies LLC will purchase the plant and associated gathering lines for $200 million.
The transaction is expected to close in the first quarter of 2017, pending Federal Trade Commission approval and satisfaction or waiver of customary closing conditions.
WBI Energy Midstream acquired its interest in the Pronghorn facilities in May 2012 for $66 million. The company’s share of the sale price would be about $100 million.
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