Enbridge acquires Permian Basin crude oil gathering network for $600 million, expanding its presence in the U.S. Gulf Coast export market
Canadian energy infrastructure giant Enbridge announced the acquisition of Salt Creek Midstream's crude oil gathering business for $600 million in cash. The transaction includes full ownership of the Orla and Wink North gathering systems, as well as a 50% interest in the Delaware Crossing system, adding approximately 500 miles of crude oil gathering infrastructure to Enbridge. These systems can handle 420,000 barrels of crude oil per day and offer 350,000 barrels of storage capacity, serving over 20 producers. Enbridge stated that this acquisition will strengthen its ability to transport crude oil from the Delaware Basin to U.S. Gulf Coast export markets and expects the deal to immediately increase its distributable cash flow and earnings per share, with completion anticipated later this year.
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