Enterprise Acquires Joint Venture Interests From Western Midstream for $375 Million
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Enterprise Products Partners said certain of its affiliates have acquired interests in Whitethorn Pipeline Company and Enterprise EF78 LLC from affiliates of Western Midstream Partners in a series of debt-free transactions for $375 million in total cash consideration.
Enterprise completed the acquisition of Western’s 20 percent equity interest in Whitethorn, which owns the 620,000 barrel per day Midland-to-Sealy portion of the Midland-to-ECHO 1 crude oil pipeline. Enterprise now owns 100 percent of Whitethorn.
Enterprise also completed the acquisition of Western’s 25 percent equity interest in EF78, which owns natural gas liquids fractionators 7 and 8 located in Mont Belvieu, Texas. These fractionators have an aggregate capacity of 170,000 barrels per day. Enterprise now owns 100 percent of EF78.
“We are pleased to complete these transactions to consolidate ownership in these midstream assets,” said Jim Teague, co-chief executive officer of Enterprise’s general partner.
“The pipeline asset serves the prolific Permian Basin, and the fractionation assets are integral to our NGL system. These transactions are immediately accretive to Enterprise’s distributable cash flow per unit,” added Teague.
Enterprise Products Partners 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 transportation, storage and marine terminals; and a marine transportation business that operates on key U.S. inland and intracoastal waterway systems. The partnership’s assets currently include more than 50,000 miles of pipelines; over 300 million barrels of storage capacity for NGLs, crude oil, petrochemicals, and refined products; and 14 billion cubic feet of natural gas storage capacity.
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