Enterprise to Sell Offshore Gulf of Mexico Business to Genesis
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Enterprise Products Partners (EPD) to Sell Offshore Gulf of Mexico Pipelines in $1.5B Deal (GEL)
July 16, 2015 6:36 AM EDTEnterprise Products Partners (NYSE: EPD) announced that it has executed definitive agreements to sell its offshore Gulf of Mexico pipelines and services business, which primarily consists of its Offshore Pipelines & Services business segment to Genesis Energy, L.P. (NYSE: GEL) for approximately $1.5 billion in cash. The transaction is expected to close during the third quarter of 2015. Enterprises offshore assets include its ownership interest in nine crude oil pipeline systems with more than 1,100 miles of pipeline; nine natural gas pipeline systems totaling approximately 1,200 miles of pipeline; and its... More
