Enbridge Inc (NYSE: ENB), a Canadian pipeline company, has entered into an agreement to acquire a small U.S. competitor, Moda Midstream Operating LLC, for USD3 Billion in cash. The move is meant to boost the company\u2019s U.S. Gulf Coast export strategy as well as advance connectivity to reserves in the Permian and Eagle Ford basins.<\/p>\n\n\n\n
“We’re very excited about acquiring North America’s Premium, very large crude carrier (VLCC) capable, crude export terminal. Over the last several years we’ve been building a strong position in the U.S. Gulf Coast through both natural gas and crude infrastructure. Our strategy is driven by the important role that low cost, sustainable North America energy supply will play in meeting growing global demand.\u201d<\/p>Al Monaco, President and Chief Executive Officer of Enbridge<\/cite><\/blockquote>\n\n\n\nEnbridge manages approximately a quarter of all crude formed in North America and has a positive outlook for exports of oil pumped from the Permian and Eagle Ford shale basins. The company will also acquire the full operating interest in the Ingleside Energy Center, located in Texas, which is North America’s largest crude export terminal.<\/p>\n\n\n\n
“This investment is also a prime example of how we’re focused on being a differentiated service provider to our customers by lowering emissions across our systems. In line with that objective, we expect to develop solar power capacity at the terminal site, which will ensure it’s the most sustainable export facility in North America and support our company-wide goal of net zero by 2050.”<\/p>Al Monaco, President and Chief Executive Officer of Enbridge<\/cite><\/blockquote>\n\n\n\nAccording to Enbridge, the deal will be funded with existing liquidity to start and will immediately add to earnings. The company\u2019s shares climbed 0.6% in Toronto upon the news.<\/p>\n","protected":false},"excerpt":{"rendered":"Enbridge Inc (NYSE: ENB), a Canadian pipeline company, has entered into an agreement to acquire a small U.S. competitor, Moda Midstream Operating LLC, for USD3 Billion in cash. The move is meant to boost the company\u2019s U.S. Gulf Coast export strategy as well as advance connectivity to reserves in the Permian and Eagle Ford basins…. View Article<\/a>","protected":false},"author":3,"featured_media":16980,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"pmpro_default_level":0,"footnotes":""},"categories":[31,17,11,16],"tags":[],"acf":[],"yoast_head":"\nEnbridge to Acquire U.S. Premier Crude Export Facility in $3B Deal - MarketDepth<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/marketdepth.com\/enbridge-to-acquire-u-s-premier-crude-export-facility-in-3b-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Enbridge to Acquire U.S. Premier Crude Export Facility in $3B Deal - MarketDepth\" \/>\n<meta property=\"og:description\" content=\"Enbridge Inc (NYSE: ENB), a Canadian pipeline company, has entered into an agreement to acquire a small U.S. competitor, Moda Midstream Operating LLC, for USD3 Billion in cash. 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