Houston midstream co. to sell assets to Irving-based startup for $300M

Houston-based Genesis Energy LP (NYSE: GEL) has entered an agreement to sell assets to a nearly 1-year-old private midstream company based in Irving.In a $300 million cash deal that’s expected to close in the third quarter of 2018, Genesis Energy will sell its Powder River Basin midstream assets to an affiliate of Silver Creek Midstream LLC, according to a press release. Genesis Energy plans to use the proceeds to pay off debt.These assets include a pipeline, crude oil gathering syste