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Enbridge to buy $600 million Permian crude gathering business
The cash deal adds about 500 miles of gathering infrastructure with capacity for 420,000 barrels per day.
Enbridge is expanding in the Permian Basin with a $600 million acquisition of Salt Creek Midstream's crude oil gathering business, aimed at strengthening its ability to move barrels from the Delaware Basin to export markets on the U.S. Gulf Coast, according to Yahoo Finance.
The transaction includes full ownership of the Orla and Wink North gathering systems, plus a 50% stake in the Delaware Crossing system, which together add roughly 500 miles of crude gathering infrastructure.
Enbridge said the systems can handle 420,000 barrels per day and provide 350,000 barrels of storage capacity, serving more than 20 producers under long term agreements with an average remaining contract life of about 10 years.
The company expects the deal to be immediately accretive to distributable cash flow and earnings per share, while keeping its 2026 financial guidance and targeting a close later this year, Yahoo Finance reported.
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