Plains All American Announces Bolt-on Acquisitions, Capital Structure Optimization & Distribution Increase

Plains signed a definitive agreement to acquire Ironwood Midstream Energy, which owns an Eagle Ford Basin gathering system, from EnCap Flatrock Midstream for approximately $475 million. Effective January 1, 2025, a subsidiary of Plains’ Permian Basin joint venture, Plains Oryx Permian Basin LLC, acquired Medallion Midstream’s Delaware Basin crude oil gathering business from The Energy & Minerals Group for approximately $160 million ($105 million net to PAA’s interest).

The Vinson & Elkins team handling the Ironwood Midstream acquisition was led by partner Doug Bland and senior associate Zach Parker, with assistance from associate Rammy Allouche. Other key team members included partner Caitlin Turner and associate Hayley Johnson; partner Sarah Mitchell and counsel Alexander Baker; partner Ryan Carney and associates Keleigh Carver and Erin Fant; partner Suzanne Clevenger, counsel Mike Malenfant and associate Max Aguirre; partner Matt Dobbins and associate Ryan Vanderlip; partners David D’Alessandro and Dario Mendoza, counsel Melissa Spohn and associate Morgan Whittlesey; partner Becky Baker and senior associate Peter Goetschel; and partner Darren Tucker and counsel Ryan Will.

The Vinson & Elkins team handling the Medallion Midstream acquisition was led by partner Doug Bland and senior associate Ryan Logan, with assistance from associates Vestita Zumot and Mary Smith. Other key team members included partner John Lynch and associate Keleigh Carver; partner Darren Tucker, counsel Ryan Will and associates Rami Rashmawi and Adam Thomas; partner Sarah Mitchell and senior associate Victoria Bahrami-Negad; partner Caitlin Turner and associate Hayley Johnson; partner Matt Dobbins and associate Ryan Vanderlip; counsel Brian Howard; counsel Elizabeth McIntyre; and partner Jason Powers.