DENVER, April 2, 2018 /PRNewswire/ -- Rocky Mountain Crude Oil LLC (RMCO) announced today that it has acquired all of the membership interests of Concord Energy Transportation LLC (CET) and has assumed full operational control of CET's business. The acquisition doubles the size of RMCO and provides it with a new presence in the fast-growing Permian Basin.
"We are excited to add CET to RMCO's portfolio of crude oil logistics and transportation businesses," said Chris Helms, RMCO President and CEO. "Through the transaction process we've gotten to know the CET team and are extremely impressed with their long-standing dedication to safety, reliability and customer service," Helms added.
Although specific details of the transaction have not been disclosed, RMCO will continue to use the CET name and logo during a short transition period. Commercial operations, dispatch and business development functions have been consolidated into RMCO's Greenwood Village offices and CET's North Dakota field operations will be consolidated with RMCO's existing Watford City terminal.
"One of the things that attracted us to CET was its robust portfolio of third-party transportation contracts with high quality end users, producers and marketing companies," said Bill Dickey, RMCO Chief Commercial and Financial Officer. Post-closing RMCO will be dispatching and transporting 55,000 to 65,000 barrels per day by truck to RMCO and third-party owned pipeline injection stations and to other locations," Dickey said.
With the addition of CET, RMCO has doubled its presence in North Dakota, Montana and Wyoming and has entered into the fast-growing Permian Basin with an established terminal in Pecos, Texas. In addition to its fleet of 25 crude oil transport units based in Nunn, Colorado, RMCO's presence in Colorado and the Powder River Basin of Wyoming will grow with the addition of thirty-four owner operated crude transport units.
"We intend to adopt the best practices of both Companies to continuously provide safe, reliable and superior service to our Customers," Bruce Erickson, RMCO Senior Vice President said. "RMCO now employs 145 experienced crude oil transportation professionals in six states; owns and operates 121 tractors and double bottoms, and 134 crude oil transport trailers to meet our customers' growing requirements," Erickson added.
About Rocky Mountain Crude Oil
RMCO is a privately held growth-oriented limited liability company acquired in 2016 from Enterprise Products LP by RMCO Holdings LLC to own, operate, develop and acquire midstream energy infrastructure assets. We are engaged currently in the transportation and storage of crude oil in eight states through a fleet of 121 crude oil tractors and straight trucks, 134 trailers, nine owned and/or leased pipeline injection stations and five terminals with fleet maintenance and repair capabilities. Headquartered in Greenwood Village, Colorado, RMCO's assets consist of a network of crude oil assets located in the Williston, Bakken, Big Horn, Elk, Powder River, Denver Julesburg and Permian Basins of the United States.
SOURCE Rocky Mountain Crude Oil LLC