Tallgrass secures right to acquire Pony Express interest for $600 million

Tallgrass Energy Partners LP (TEP) has been offered the right to purchase 33.3% interest in Tallgrass Pony Express Pipeline LLC by Tallgrass Development LP for $600 million.

Pony Express owns and develops an oil pipeline project consisting of the conversion of a 430-mile natural gas pipeline and the construction of a 260-mile southward pipeline extension that, when complete, will result in an oil pipeline from Guernsey, Wyo., to Cushing, Okla.; and the construction of a 66-mile lateral in Northeast Colorado that will interconnect with the mainline.

The project is being completed in stages, with the mainline expected to be placed in service during the third quarter, while the Northeast Colorado lateral is expected to be in service during next year’s first half.

TEP in 2012 acquired Kinder Morgan Interstate Gas Transmission, Trailblazer Pipeline Co., Casper-Douglas natural gas processing and West Frenchie Draw treating facilities in Wyoming, and 50% interest in the Rockies Express Pipeline from Kinder Morgan Energy Partners LP for $1.8 billion (OGJ Online, Aug. 20, 2012).

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