Houston-based Enterprise Products Partners said this week it completed its previously announced acquisition of Pinon Midstream, formerly a portfolio company of Black Bay Energy Capital. Enterprise purchased Pinon for $950 million cash in a debt-free transaction. The acquired assets, which include natural gas gathering and treating services, expand Enterprise’s footprint in the eastern flank of the Delaware Basin in Texas and New Mexico.
Enterprise Products Partners, one of the largest publicly traded partnerships, is a leading North American provider of midstream energy services. Its assets include more than 50,000 miles of pipelines, more than 300 million barrels of storage capacity for NGLs, crude oil, refined products and petrochemicals, and 14 billion cubic feet of natural gas storage capacity.