HOUSTON, Nov. 02, 2022 (GLOBE NEWSWIRE) — Western Midstream Partners, LP WE S (“WES”), Enbridge Inc. ENB ENB (“Enbridge”) and Plains All American Pipeline, LP and Plains GP Holdings PAA PAGP))) (“Plains”) announced today that some of its subsidiaries have completed a transaction whereby Enbridge and Plains will acquire WES’s 15 percent interest in Cactus II Pipeline, LLC (“Cactus II”) for an aggregate consideration of Raised $265 million. Enbridge acquired 10% and Plains acquired 5% of Cactus II, each paying a proportional share of the purchase price. Plains and Enbridge are now the sole owners of Cactus II with 70% and 30% ownership interests, respectively. Plains will continue to act as operator.
The Cactus II Pipeline is a 26 inch diameter, 670,000 barrel per day oil pipeline extending from the Delaware Basin in West Texas to Corpus Christi and providing further connections to the Ingleside area. Cactus II, in combination with Enbridge’s Ingleside Energy Center, provides a premier and best-in-class solution to provide abundant, responsibly produced North American energy supplies to the US Gulf Coast (USGC) and global markets.
“We are pleased to announce the sale of our interest in Cactus II to our former operating partners, Plains and Enbridge. This transaction demonstrates our disciplined approach to valuing our portfolio, with a focus on our core businesses of collecting and processing in the Delaware and DJ Basins. and return value to our shareholders,” said Michael Ure,…