Enbridge Takes Control Of Texas Oil Pipeline
08.22.2022 By Ricardo Perez - NEWS

August 22, 2022 [Baystreet] – Canada’s Enbridge (TSE:ENB) says it has assumed control of the Gray Oak oil pipeline in Texas.

 

The Calgary-based pipeline company says a deal with Houston-based energy company Phillips 66 (NYSE:PSX) has given it ownership of the Gray Oak oil pipeline, as well as DCP Midstream, a Denver, Colorado-based natural gas company.

Under terms of the deal, Enbridge will increase its indirect economic interest in Gray Oak to 58.5% from 22.8%, giving it majority control.

Gray Oak is a 1,367-kilometre pipeline capable of shipping 900,000 barrels of oil a day from the Permian Basin to the U.S. Gulf Coast.

Enbridge has been growing its presence in the U.S. Gulf Coast in recent years. In 2021, the company acquired the Ingleside Energy Center, the largest crude oil export terminal in North America, which is based in Corpus Christi, Texas.

Enbridge stock is up 12% this year at $55.22 per share.

Pro Trial: Access 10,390 Tank Terminal and Production Facilities

10,390 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

UAE Invests Billions in AI to Diversify Economy Beyond Oil
11.13.2024 - NEWS
November 13, 2024 [Oil Price]- The United Arab Emirates’ state-owned energy giant Abu Dhabi Nat... Read More
Gulf Energy Transition: Assessing Saudi and Emirati Goals
11.13.2024 - NEWS
November 13, 2024 [The Washington Institute]- On October 29, during Saudi Arabia’s annual Futur... Read More
How will The Energy Sector Fare Under Donald Trump?
11.13.2024 - NEWS
November 13, 2024 [Investing Daily]- The energy sector experienced a notable boost following Dona... Read More
PNOC, Pertamina Partner on LNG Infrastructure, Supply Chain
11.13.2024 - NEWS
November 13, 2024 [Manila Bulletin]- State-run Philippine National Oil Company (PNOC) has signed ... Read More