Enterprise Products Partners, a North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals, has agreed to acquire Piñon Midstream, a portfolio company of Black Bay Energy Capital, for $950 million in cash.
The transaction is expected to be completed in the fourth quarter of 2024 and will be funded using cash on hand and borrowings under Enterprise’s existing commercial paper and bank credit facilities.
Piñon Midstream provides natural gas–gathering and treating services in the core of the eastern flank of the Delaware Basin in New Mexico and Texas. The company’s assets include approximately 50 miles of natural gas gathering and redelivery pipelines; five three-stage compressor stations; 270 million cubic feet per day (MMcf/d) of existing hydrogen sulfide and carbon dioxide treating facilities, with an expansion to 450 MMcf/d of capacity expected to be completed in the seco
