Silver Creek Midstream Announces Sale of Powder River Basin Assets to Plains All American
IRVING, Texas, Sept. 16, 2026 /PRNewswire/ -- Silver Creek Midstream Holdings, LLC ("Silver Creek"), a private midstream company that operates crude oil gathering, transportation, and storage assets in Wyoming, today announced that its Powder River Basin crude oil midstream assets will be acquired by a wholly owned subsidiary of Plains All American Pipeline, L.P. and Plains GP Holdings (collectively, "Plains") in a transaction valued at approximately $585 million in aggregate cash consideration. The transaction will be effected through the sale of SCM PR II, LLC, the parent company of Silver Creek's Powder River Basin assets, owned by subsidiaries of Tailwater Capital LLC ("Tailwater"), The Energy & Minerals Group ("EMG") and Management.
Silver Creek Midstream
IRVING, Texas, Sept. 16, 2026 /PRNewswire/ -- Silver Creek Midstream Holdings, LLC ("Silver Creek"), a private midstream company that operates crude oil gathering, transportation, and storage assets in Wyoming, today announced that its Powder River Basin crude oil midstream assets will be acquired by a wholly owned subsidiary of Plains All American Pipeline, L.P. and Plains GP Holdings (collectively, "Plains") in a transaction valued at approximately $585 million in aggregate cash consideration. The transaction will be effected through the sale of SCM PR II, LLC, the parent company of Silver Creek's Powder River Basin assets, owned by subsidiaries of Tailwater Capital LLC ("Tailwater"), The Energy & Minerals Group ("EMG") and Management.
Silver Creek's Powder River Basin business includes ~600 miles of gathering and transmission pipelines, with ~350,000 bbl/d of operating capacity, ~1.2 million barrels of operational storage capacity, and a 49% non-operated interest in the Powder River Gateway Joint Venture. The system is currently supported by ~915,000 dedicated acres through long-term agreements and minimum volume commitments, with an average remaining contract term of more than eight years. It serves a diversified group of producers consisting of the largest producers in the Powder River Basin, and provides connectivity to key regional transportation hubs, including Guernsey and Fort Laramie.
Tailwater and EMG collectively supported the strategy and effort of the Silver Creek management team to develop a scaled midstream platform positioned to serve producers across the Powder River Basin. Today, Silver Creek manages the gathering and transportation of ~125,000 barrels of oil per day.
"This transaction reflects the quality of the scaled midstream platform that Silver Creek has built in the Powder River Basin, supported by strong customer relationships and critical connectivity across the region," said Jason Downie, Co-Founder and Managing Partner of Tailwater. "We are proud of the management team's execution and grateful for our partnership with EMG in helping position the business for this important milestone."
"Silver Creek has been built through disciplined investment, strong execution, and a shared commitment among the management team, Tailwater, and EMG," said John Raymond, Co-Founder, Managing Partner, and Co-CEO of EMG. "The company has established an important midstream position in the Powder River Basin. We are pleased with its progress and believe this transaction represents a great outcome for Silver Creek and its stakeholders."
"I would like to thank Tailwater and EMG for their continued support as we developed the premier crude oil midstream platform in the Powder River Basin." said J. Patrick Barley, Founder, Chairman and CEO of Silver Creek Midstream. "I also would like to recognize and thank the employees of Silver Creek that have worked tirelessly over the years to provide best-in-class service to our producer customers, while also achieving a best-in-class safety record. Your hard work and dedication are what made today possible."
The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions and regulatory approvals.
Advisors
RBC Capital Markets served as sole financial advisor to Silver Creek and the sponsorship group of Tailwater Capital and The Energy and Minerals Group (EMG). Troutman Pepper Locke served as Silver Creek's legal counsel on the transaction.
About Silver Creek Midstream Holdings, LLC
Headquartered in Irving, Texas, Silver Creek Midstream is a private midstream company focused on providing crude oil gathering, transportation and storage services in Wyoming. To learn more, please visit our website at: scmidstream.com.
About Tailwater Capital
Dallas-based Tailwater Capital is an energy and infrastructure private equity firm with a well-established track record of working constructively with proven management teams to deliver value-added solutions. Tailwater Capital has raised more than $6 billion in committed equity capital since inception, and the team has executed more than 300 transactions representing over $29 billion in value. For more information, please visit tailwatercapital.com.
About The Energy & Minerals Group
The Energy & Minerals Group (EMG) is a specialized natural resource focused private equity firm founded in 2006 with current assets under management ("AUM") of approximately $12 billion as of June 30, 2026. In addition, EMG's funds and co-investments have returned approximately $16 billion to Limited Partners to date. EMG targets equity investments of $150 million to $1,000 million across the natural resource industry, which includes the extraction and processing of the critical metals and minerals to facilitate decarbonization as well as upstream and midstream energy. For more information, please visit emgtx.com.
Silver Creek Media Relations
Jill McMillan
Managing Director, Communications & Public Affairs
+1 214-489-7047
jmcmillan@tailwatercapital.com
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SOURCE Silver Creek Midstream
