This Energy Giant Just Bought 500 Miles of Pipeline in America's Busiest Oil Field. Here's Why.
The Canadian pipeline and utility giant is enhancing its strategic position in one of North America's top oil fields.
Overview
Salt Creek Midstream is selling its crude oil gathering business for $600 million. The 500-mile system gathers oil in the heart of the prolific Delaware Basin. The buyer is the Canadian energy infrastructure giant Enbridge (NYSE:ENB).
While $600 million might seem like a rounding error for Enbridge, considering its more than 10 billion Canadian dollars ($7.2 billion) annual growth capital investment capacity, it's an important strategic deal for the energy giant. Here's why it's buying these assets and what the deal means for investors in the pipeline stock.
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Originally published at www.fool.com.
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