HOUSTON--(BUSINESS WIRE)--Feb. 21, 2024-- Enterprise Products Partners L.P. (NYSE: EPD) today announced that certain of its affiliates have acquired interests in Whitethorn Pipeline Company LLC (“Whitethorn”) and Enterprise EF78 LLC (“EF78”) from affiliates of Western Midstream Partners, LP (“Western”) in a series of debt-free transactions for $375 million in total cash consideration.
Enterprise completed the acquisition of Western’s 20 percent equity interest in Whitethorn, which owns the 620,000 barrel per day Midland-to-Sealy portion of the Midland-to-ECHO 1 crude oil pipeline. Enterprise now owns 100 percent of Whitethorn.
Enterprise also completed the acquisition of Western’s 25 percent equity interest in EF78, which owns natural gas liquids (“NGL”) fractionators 7 and 8 located in Mont Belvieu, Texas. These fractionators have an aggregate capacity of 170,000 barrels per day. Enterprise now owns 100 percent of EF78.
“We are pleased to complete these transactions to consolidate ownership in these midstream assets,” said A. J. “Jim” Teague, co-chief executive officer of Enterprise’s general partner. “The pipeline asset serves the prolific Permian Basin, and the fractionation assets are integral to our NGL system. These transactions are immediately accretive to Enterprise’s distributable cash flow per unit.”
The Whitethorn and EF78 transactions were completed and funded on February 16, 2024 using a combination of cash on hand and proceeds from the issuance of short-term notes under the partnership’s commercial paper program.
And another one as well:
HOUSTON--(BUSINESS WIRE)--Feb. 21, 2024-- Enterprise Products Partners L.P. (NYSE: EPD) today announced that its affiliate has entered into a definitive agreement to acquire member interests in Panola Pipeline Company, LLC (“Panola”) from an affiliate of Western Midstream Partners, LP (“Western”) in a debt-free transaction for $25 million in cash consideration.
Enterprise executed a definitive agreement to acquire Western’s 15 percent equity interest in Panola. Panola owns a 253-mile pipeline that transports mixed NGLs from natural gas processing plants in East Texas, including Enterprise’s Bulldog plant, to multiple destinations, including the partnership’s NGL fractionation complex in Chambers County, Texas. Subject to the rights of other Panola owners to participate in the sale of Western’s interest, upon closing of this transaction, Enterprise will own up to 70 percent of Panola.
The transaction is expected to close within 45 days of this announcement, subject to terms under existing agreements. The transaction is expected to be funded using a combination of cash on hand and proceeds from the issuance of short-term notes under the partnership’s commercial paper program.