Enterprise Products Partners announced on October 28, 2024, the completion of its previously announced acquisition of Piñon Midstream, LLC. The transaction was finalized for $950 million in cash consideration and was a debt-free purchase.
The acquired assets, which include natural gas gathering and treating services, strategically expand Enterprise's operational footprint in the eastern flank of the Delaware Basin of Texas and New Mexico. This integration enhances the company's capabilities in a key producing region.
This acquisition is expected to bolster Enterprise's natural gas value chain upstream, providing essential treating services in the Delaware Basin. The completion of this deal is a significant step in the company's strategy to grow its integrated midstream network.
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