Acquisitions and Divestitures

6 Months Ended

Jun. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

Acquisitions and Divestitures

Acquisitions and Divestitures

Acquisitions

OMOG Acquisition. On July 28, 2023, we acquired the remaining 43% interest in OMOG JV LLC (“OMOG”) for approximately $225 million ($145 million net to our 65% interest in the Permian JV). As a result of this transaction, we now own 100% of OMOG and its subsidiaries and such entities will be reflected as consolidated subsidiaries in our consolidated financial statements. Prior to this transaction, our 57% interest in OMOG was accounted for as an equity method investment.

Divestitures

Keyera Fort Saskatchewan Divestiture. In February 2023, we sold our 21% non-operated/undivided joint interest in the Keyera Fort Saskatchewan facility for approximately $270 million. As of December 31, 2022, we classified the assets related to this transaction (primarily “Property and equipment” in our NGL segment), valued at the lower of the carrying amount or fair value less costs to sell, of approximately $130 million as assets held for sale, which is reflected in “Other current assets” on our Condensed Consolidated Balance Sheet. Upon the sale of this facility, we recognized a gain of approximately $140 million which is included in “(Gains)/losses on asset sales and asset impairments, net” on our Condensed Consolidated Statement of Operations.