Houston-based Enterprise Products Partners said Wednesday it agreed to acquire a natural gas gathering affiliate of Occidental Petroleum for $580 million. Enterprise will provide Occidental with natural gas gathering and processing services with a long-term dedication of about 73,000 acres in four counties in Midland Basin. Assets include about 200 miles of natural gas gathering pipelines that support Occidental production.
The acquisition will be complemented by construction of the new Athena natural gas processing plant built by Enterprise. Capacity will be 300 million cfd with extraction of up to 40,000 b/d of NGLs. Athena is scheduled to begin service in 2026Q4 to boost Enterprise’s Midland Basin capacity to 2.2 Bcfd and 310,000 b/d of NGLs.
A.J. (Jim) Teague, co-CEO, said, “These agreements with Occidental are consistent with Enterprise’s focus on expanding our Midland Basin franchise through organic investments in our midstream network and through targeted acquisitions that bolt on to our existing infrastructure.”
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