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

TurkStream Gas Pipeline Says Netherlands Withdraws Licence, To Continue Gas Exports
09.30.2022 - NEWS
September 30, 2022 [Reuters] – The Russian-owned operator of the TurkStream gas pipeline said o... Read More
Canada's Enbridge Buys U.S. Green Power Firm Tri Global
09.30.2022 - NEWS
September 30, 2022 [Reuters] – Canadian energy infrastructure firm Enbridge Inc (ENB.TO) on T... Read More
Foreign Tanker Enters Puerto Rican Port After U.S. Waives Shipping Rule
09.30.2022 - NEWS
September 30, 2022 [Reuters] –  A cargo of diesel fuel initially barred from hurricane hit Pue... Read More
LNG Markets May Tighten Further In 2023, IEA's Birol Says
09.30.2022 - NEWS
September 30, 2022 [Reuters] – LNG markets in 2023 may be tighter than this year as demand may ... Read More