[Context: On July 19, Laredo Petroleum announced that its Medallion Gathering & Processing system is in a sales process. Laredo owns a 49% stake in the system and presumably their partner, operator and owner Medallion Midstream, backed by The Energy & Minerals Group, is also selling its stake. Further details and related links are below.]
Laredo Petroleum Confirms Process to Sell Interest in Medallion Pipeline
TULSA, OK, July 19, 2017 (GLOBE NEWSWIRE) — Laredo Petroleum, Inc. (NYSE:LPI) (“Laredo” or the “Company”) today confirmed that Medallion Gathering & Processing, LLC (“MGP”), the sole owner of the Medallion – Midland Basin pipeline system, has initiated a process to potentially sell 100% of the ownership interests in MGP. Laredo’s wholly-owned subsidiary Laredo Midstream Services, LLC owns 49% of the ownership interests in MGP.
At this time there can be no assurance that such potential sale will ultimately be consummated or, if consummated, the specific terms of such sale. Laredo anticipates that it will have no further comments on this potential transaction until such time as a deal is consummated, if applicable.
Laredo Petroleum, Inc. is an independent energy company with headquarters in Tulsa, Oklahoma. Laredo’s business strategy is focused on the acquisition, exploration and development of oil and natural gas properties, and the transportation of oil and natural gas from such properties, primarily in the Permian Basin in West Texas.