ARC Terminals buys UET Midstream

ARC Terminals Holdings LLC bought a subsidiary of United Energy Trading LLC (UET) for $76.6 million in a deal involving both cash and units. The sale of UET Midstream LLC included an operational crude oil terminal, the Pawnee Terminal, and development site in the northeastern Niobrara in Colorado.

Pawnee Terminal is the primary injection point into Tallgrass Energy Partners' Northeast Colorado Lateral of the Pony Express Pipeline, which transports crude oil from the Bakken formation and Niobrara play to Cushing, Okla.

UET, a privately held oil and gas marketing company in Denver, retained substantial throughput capacity at the terminal available to third-party producers. UET also kept crude purchase contracts.