Enbridge is expanding deeper into the Permian Basin with a $600 million acquisition of Salt Creek Midstream's crude oil gathering business, strengthening the pipeline giant's ability to move barrels from the Delaware Basin to export markets on the U.S. Gulf Coast.
The cash deal includes full ownership of the Orla and Wink North gathering systems and a 50% interest in the Delaware Crossing system, giving Enbridge roughly 500 miles of additional crude gathering infrastructure.
Together, the systems can handle 420,000 barrels per day and provide 350,000 barrels of storage capacity. They serve more than 20 producers covering approximately 320,000 net dedicated acres under long-term agreements with an average remaining contract life of about 10 years.
The acquisition is particularly strategic because the gathering systems connect with several major Permian takeaway pipelines, including the Enbridge-controlled Gray Oak Pipeline.
Enbridge said the **** ets will allow it to provide customers with a more integrated route from the wellhead through Gray Oak and Cactus II to the Enbridge Ingleside Energy Center near Corpus Christi, which the company describes as North America's largest crude export terminal.
#crude
The cash deal includes full ownership of the Orla and Wink North gathering systems and a 50% interest in the Delaware Crossing system, giving Enbridge roughly 500 miles of additional crude gathering infrastructure.
Together, the systems can handle 420,000 barrels per day and provide 350,000 barrels of storage capacity. They serve more than 20 producers covering approximately 320,000 net dedicated acres under long-term agreements with an average remaining contract life of about 10 years.
The acquisition is particularly strategic because the gathering systems connect with several major Permian takeaway pipelines, including the Enbridge-controlled Gray Oak Pipeline.
Enbridge said the **** ets will allow it to provide customers with a more integrated route from the wellhead through Gray Oak and Cactus II to the Enbridge Ingleside Energy Center near Corpus Christi, which the company describes as North America's largest crude export terminal.
#crude
2 months ago
