Enbridge Energy Partners LP (NYSE: EEP) announced June 19 its entry into a purchase and sale agreement with Midcoast Energy Partners LP (NYSE: MEP), under which it will sell an additional 12.6% interest in its subsidiary, Midcoast Operating LP, for $350 million in cash.
Enbridge Partners, based in Houston, expects to use the proceeds from the dropdown as a source of equity capital for its liquids pipelines growth program.
The expected close date is on or about July 1. At closing, Enbridge Partners will own a 48.4% limited partner interest in Houston-based Midcoast Operating.
Recommended Reading
Belcher: Trump’s Policies Could Impact Global Energy Markets
2025-01-24 - At their worst, Trump’s new energy policies could restrict the movement of global commerce and at their best increase interest rates and costs.
Analysts: DOE’s LNG Study Will Result in Few Policy Changes
2024-12-18 - However, the Department of Energy’s most recent report will likely be used in lawsuits against ongoing and future LNG export facilities.
US Tariffs on Canada, Mexico Hit an Interconnected Crude System
2025-03-04 - Canadian producers and U.S. refiners are likely to continue at current business levels despite a brewing trade war, analysts say.
Hirs: Expansive Energy Policies Set to Shape 2025 Markets
2025-01-02 - The incoming administration’s policies on sanctions, tariffs, regulations and deportations will impact the oil and gas industry.
CEO: TotalEnergies to Expand US LNG Investment Over Next Decade
2025-02-06 - TotalEnergies' investments could include expansion projects at its Cameron LNG and Rio Grande LNG facilities on the Gulf of Mexico, CEO Patrick Pouyanne said.