October 30, 2024 [Yahoo Finance]- Enterprise Products Partners L.P. (NYSE: EPD) (“Enterprise”) today announced that the company has completed its previously announced acquisition of Piñon Midstream, LLC (“Piñon Midstream”), formerly a portfolio company of Black Bay Energy Capital.
Enterprise purchased Piñon Midstream for $950 million in cash consideration as part of a debt-free transaction. The acquired assets, which include natural gas gathering and treating services, expand Enterprise’s footprint in the eastern flank of the prolific Delaware Basin of Texas and New Mexico.
Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and marine terminals; crude oil gathering, transportation, storage and marine terminals; petrochemical and refined products production, transportation, storage, and marine terminals and related services; and a marine transportation business that operates on key U.S. inland and intracoastal waterway systems.
The partnership’s assets include more than 50,000 miles of pipelines; over 300 million barrels of storage capacity for NGLs, crude oil, refined products and petrochemicals; and 14 billion cubic feet of natural gas storage capacity.
