BP Energy Partners, an energy investment company backed by oil tycoon T. Boone Pickens, is selling portfolio company Pinnacle Midstream, according to four sources familiar with the matter.

Houston-based Pinnacle, which operates natural gas and crude gathering, processing and transloading services, could sell for at least $300 million, one of the sources said.

The move comes as deal-making has heated up for companies that provide pipeline, processing and storage facilities in U.S. shale basins. In April, funds managed by private equity firm Blackstone Group LP (BX.N) agreed to acquire EagleClaw Midstream Ventures for about $2 billion. Earlier, Targa Resources Corp (TRGP.N) snapped up Outrigger Energy LLC’s Permian Basin gathering and processing assets for $1.5 billion.

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