Enbridge Acquires North American Crude Export Facility

Enbridge Inc. Issued a statement today indicating that it has completed the acquisition of Moda Midstream Operating from Encap Flatrock Midstream for US$3 billion.

The acquisition marks a significant step towards progress for the Company’s U.S. Gulf Coast export strategy. It will also do a great deal to improve connectivity to low-cost and long-lived reserves in the Permian and Eagle Ford basins.

Through the transaction, Enbridge obtains a 100 percent operating interest in the Ingleside Energy Center, and related pipeline and logistics infrastructure, located near Corpus Christi, Texas. The firm also gets a 20 percent stake in the 670-thousand-barrel-per-day Cactus II Pipeline.

Enbridge Inc. is one of the foremost energy infrastructure companies in North America. The firm works to provide people a reliable and secure source for their everyday energy needs.

“Our core businesses include Liquids Pipelines, which transports approximately 25 percent of the crude oil produced in North America; Gas Transmission and Midstream, which transports approximately 20 percent of the natural gas consumed in the U.S.; Gas Distribution and Storage, which serves approximately 3.8 million retail customers in Ontario and Quebec; and Renewable Power Generation, which generates approximately 1,766 MW of net renewable power in North America and Europe,” the firm explained in a press release

 The Company’s common shares trade on the Toronto and New York stock exchanges under the symbol ENB.