Enterprise Products Partners L.P. (EPD), a provider of midstream energy services, Wednesday said it has agreed to acquire Piñon Midstream, LLC, a portfolio company of Black Bay Energy Capital for $950 million in cash.
Piñon Midstream provides natural gas gathering and treating services in the core of the prolific eastern flank of the Delaware Basin in New Mexico and Texas.
"These assets accelerate our entry into this region by at least three or four years. These assets are highly complementary to our midstream energy system and provide us an excellent entry point into the eastern flank of the Delaware Basin for us to expand our natural gas processing footprint," said A. J. "Jim" Teague, co-chief executive officer of Enterprise's general partner.
The company expects this deal, which is expected to be completed in the fourth quarter of 2024, to increase distributable cash flow by $0.03 per unit in 2025.
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