Enterprise to Acquire Interest in Panola NGL Pipeline from Western Midstream for $25 Million
[Click image to enlarge]
Enterprise Products Partners said its affiliate has entered into a definitive agreement to acquire member interests in Panola Pipeline Company from an affiliate of Western Midstream Partners in a debt-free transaction for $25 million in cash consideration.
Enterprise executed a definitive agreement to acquire Western’s 15 percent equity interest in Panola. Panola owns a 253-mile pipeline that transports mixed NGLs from natural gas processing plants in East Texas, including Enterprise’s Bulldog plant, to multiple destinations, including the partnership’s NGL fractionation complex in Chambers County, Texas.
Subject to the rights of other Panola owners to participate in the sale of Western’s interest, upon closing of this transaction, Enterprise will own up to 70 percent of Panola.
The transaction is expected to close within 45 days of this announcement, subject to terms under existing agreements.
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.
Be in-the-know when you’re on-the-go!
FREE eNews delivery service to your email twice-weekly. With a focus on lead-driven news, our news service will help you develop new business contacts on an on-going basis.
CLICK HERE to register your email address.
Copyright © 2024 Mining Connection LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
For licensing permission, .(JavaScript must be enabled to view this email address)
