Enterprise Products Partners has an extensive portfolio of services, including natural gas gathering, processing, storage and transportation. Credit: TinoFotografie/Shutterstock.

Enterprise Products Partners has closed the acquisition of Piñon Midstream for a cash consideration of $950m.

The transaction, announced in August 2024, has now received customary regulatory approvals and was completed without incurring debt.

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The strategic purchase enhances Enterprise’s natural gas gathering and treating services in the Delaware Basin, an area known for its prolific natural gas reserves.

Piñon Midstream, previously a portfolio company of Black Bay Energy Capital, operates in the core of the eastern flank of the Delaware Basin, which spans New Mexico and Texas.

Its assets comprise 80km of natural gas gathering and redelivery pipelines, five three-stage compressor stations and hydrogen sulfide and carbon dioxide treating facilities with a current capacity of 270 million cubic feet per day (MMcf/d). An expansion to 450 MMcf/d is anticipated by the second half of 2025.

Piñon Midstream’s infrastructure also includes two acid gas injection wells.

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Enterprise Products Partners has an extensive portfolio of services, including natural gas gathering, processing, storage and transportation, NGL [natural gas liquids] transportation and fractionation, crude oil and petrochemical transportation and storage, and marine transportation services.

Its assets include more than 80,470km of pipelines, more than 300 million barrels of storage capacity for NGLs, crude oil, refined products and petrochemicals, and 14 billion cubic feet of natural gas storage capacity.

Financial advisory services for Piñon Midstream during the acquisition were provided by Piper Sandler & Co, with Kirkland & Ellis acting as legal advisor. Enterprise Products Partners was advised legally by Locke Lord and Sidley Austin.