Casper, WY

Overview

Casper Crude to Rail (CCR) is a 100 MBbls/d crude oil rail loading, 900 MBbl storage, and blending, terminal located in Casper, Wyoming. CCR was a partnership between Stonepeak (providing construction equity financing), Granite Peak Development (local real estate and logistic development company), and Cogent, as we served as the terminal developer and operator. This facility commenced operations in the third quarter of 2014, and was sold to USD Partners in November 2015 for $225 million.

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Terminal Design and Operations

• 14 loading arms with an average unit train loading time of 12 – 14 hours
• Terminal management, scheduling, and oversight undertaken by an operating company that Cogent served as the lead manager of
• Double rail loop with a total of 44,000 feet of rail track
• Located on 247 acres of owned land and 58 acres of leased land within the Casper Logistics Hub
• Interconnected with Spectra at the junction of the Express and Platte pipelines via a 100% owned, 6-mile long 30” pipeline
• Equipped with six 150 MBbl crude storage tanks (900 MBbl of total capacity) to support the current customer contracts

Unique and Highly Strategic Terminal Location

• Strategic interconnection to Spectra Express-Platte pipeline system provides direct access to heavily discounted Canadian heavy crudes
• Functionally serves as an extension of an existing, heavily utilized, capacity constrained pipeline system
• Difficult and expensive to replicate (competitors have tried and failed)

Significant Market and Sourcing Optionality

• Burlington Northern Santa Fe Class I service to key west and gulf coast refining markets currently facing significant pipeline capacity constraints
• Unique opportunity to source Canadian heavy crude without burdensome switchover from Canadian to U.S. rail carriers (vs. rail originating in Canada)
• Well positioned to access locally produced light sweet crude from the Niobrara / Powder River Basin

Strong Customer Base and Positioned for Growth

• Cogent secured take-or-pay contracts of greater than 40 MBbl/d, or $120 million of total revenue, with three large, publicly traded, high credit-worthy counterparties
• Terminal was designed for scalability to allow for additional tankage (up to 2 MMBbl total storage capacity) and loading arms to double capacity with relatively low incremental capital costs
• Shippers have demonstrated a strategic interest in sourcing advantaged crude by rail and have made significant investments in rail unloading at their destination facilities
• Substantial opportunity to capture local production and spot pipeline capacity