Enbridge and Plains All American Pipeline said last week they are now sole owners of Cactus II crude pipeline after purchasing the 15 percent interest of Western Midstream Partners for an aggregate price of $265 million. Calgary-based Enbridge acquired 10 percent, and Houston-based Plains acquired 5 percent of Cactus II, a 26-inch pipeline in service since 2019 that transports 670,000 b/d from Delaware Basin to Corpus Christi. Plains will continue to operate Cactus II after increasing its interest to 70 percent.
Colin Gruending, executive vice president of Enbridge, said Nov. 2 that the deal “is another important step in advancing our Gulf Coast strategy to connect growing Permian production to global export markets. The Cactus II pipeline specifically adds to our advantaged light oil integrated value chain providing low-cost access to the best markets for our shippers.”