KC’s CorEnergy to purchase $245 million pipeline

CorEnergy Infrastructure Trust Inc., a Kansas City-based real estate investment trust that focuses on energy infrastructure, has agreed to pay $245 million for a company that helps transport oil and water from offshore fields onto land.

CorEnergy’s purchase of the Grand Isle Gathering System involves 153 miles of underwater pipeline that moves oil and water from six fields operated by Energy XXI USA Inc. and one field run by ExxonMobil.

CorEnergy will finance the purchase, which is expected to close this month, by issuing stock and selling debt.

Read more from the Kansas City Star

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