Enbridge nears $2 billion deal for Blackstone’s Pony Express crude pipeline, Bloomberg News reports
The deal would add a 460,000-barrel-per-day pipeline, 8.4 million barrels of storage and a crude marketing business, Bloomberg News reported.
- On Wednesday, Enbridge announced it will acquire Blackstone-owned Tallgrass Energy's crude oil business for US$2.55 billion in cash, expanding its U.S. liquids pipeline network with majority stakes in key assets.
- Strengthening its reach into U.S. crude-producing regions, the deal targets the Bakken, Powder River, and Denver-Julesburg basins while creating operational synergies with Enbridge's existing Express-Platte pipeline system.
- The acquisition includes a 75 per cent interest in the Pony Express Pipeline, a 460,000-barrel-per-day system connecting the Rockies to Cushing, Okla., plus 51 per cent interest in the Powder River Gateway with 8.4 million barrels of storage capacity.
- CEO Greg Ebel announced plans to retire at the end of the year, handing leadership to Michele Harradence, the current head of Enbridge's gas utilities business.
- Expected to close later in 2026, the transaction remains subject to antitrust provisions, as Enbridge maintains U.S. crude production will remain critical to global energy demand for decades.
13 Articles
13 Articles
Canada’s Enbridge Said to Near Deal for Major US Oil Pipeline
Enbridge Inc., the Canadian energy infrastructure giant, is in advanced talks to buy a major crude oil pipeline in the US from Blackstone Inc.’s Tallgrass Energy for about $2 billion, according to people familiar with the matter.
The Toronto Star
Enbridge further expands stateside with US$2.55B pipeline and storage deal
CALGARY - Enbridge Inc. is further expanding its reach into the U.S. market with a US$2.55-billion deal to buy the crude oil business of Tallgrass Energy LP.
Enbridge nears $2 billion deal for Blackstone’s Pony Express crude pipeline, Bloomberg News reports
Sept 9 (Reuters) - Enbridge is in advanced talks to buy the major crude oil pipeline Pony Express Pipeline in the U.S. from Blackstone-owned Tallgrass Energy for about $2 billion, Bloomberg News reported on Wednesday, citing people familiar with...
Winnipeg Free Press
Enbridge announces US$2.55-billion U.S. pipeline, storage acquisition
CALGARY - Enbridge Inc. is further expanding its reach into the U.S. market with a US$2.55-billion deal to buy the crude oil business of Tallgrass Energy LP.
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