Cushing Landing Loop

Third Coast sells Cushing terminal

Oct. 14, 2020
HCS Holdings acquires AMID Crude Oil Storage, which boasts 3 mmbls of storage capacity, for undisclosed amount

A Third Coast Midstream subsidiary recently completed the sale of its AMID Crude Oil Storage business in Cushing OK to HCS Holdings, an affiliate of Hartree Partners.

Terms of the transaction were not disclosed.

AMID consists of five crude oil storage tanks with approximately 3 million barrels of storage capacity.

“Third Coast Midstream is pleased to announce the sale of AMID Crude Oil Storage to Hartree,” said Matt Rowland, president and chief executive officer of Third Coast. “We are confident that Hartree is well-positioned to further optimize these storage assets as Third Coast Midstream continues to execute on its plans to divest non-core assets and focus on its core Gulf of Mexico midstream business.”

Added Steve Semlitz, co-founder of Hartree: “We are delighted to have acquired from Third Coast Midstream the Cushing crude oil storage business. The transaction represents a natural extension of Hartree expertise in investing in essential midstream infrastructure assets that are complementary to our core trading competencies.

“Hartree looks forward to working with the terminal’s existing and future third-party customers, ensuring best-in-class service.”