Pipeline operator Enterprise Products to buy Pinon Midstream for $950 mln (updated)
21/08/2024 12:11
(Adds details)
Aug 21 (Reuters) - Pipeline operator Enterprise Products
Partners EPD.N said on Wednesday it will buy smaller peer
Pinon Midstream for $950 million in cash.
The oil and gas pipeline industry has seen increased
consolidation since last year as U.S. production grows and as
problems with permits for new pipelines have made existing
operators more valuable.
Pinon, a portfolio company of Black Bay Energy Capital,
operates in the Delaware Basin in New Mexico and Texas.
Enterprise Products said the deal is expected to close in
the fourth quarter of 2024.
(Reporting by Vallari Srivastava in Bengaluru; Editing by Savio
D'Souza)
((Srivastava.Vallari@thomsonreuters.com;))