Enbridge Inc. (NYSE: ENB) said Jan. 27 it would pay about $170 million to take Midcoast Energy Partners LP (NYSE: MEP) private, which also has a stake in natural gas pipelines owned by Enbridge Energy Partners LP (NYSE: EEP).
Enbridge Inc. has a 21.1% stake in Enbridge Energy Partners, which owns and operates crude oil and natural gas pipelines in the U.S.
The company said the deal would help Enbridge reduce costs and simplify its corporate structure.
Enbridge Inc. said that a strategic review of Enbridge Energy Partners was ongoing and was expected to continue through the second quarter.
Recommended Reading
E&P Highlights: Feb. 5, 2024
2024-02-05 - Here’s a roundup of the latest E&P headlines, including an update on Enauta’s Atlanta Phase 1 project.
E&P Highlights: Jan. 29, 2024
2024-01-29 - Here’s a roundup of the latest E&P headlines, including activity at the Ichthys Field offshore Australia and new contract awards.
E&P Highlights: Feb. 16, 2024
2024-02-19 - From the mobile offshore production unit arriving at the Nong Yao Field offshore Thailand to approval for the Castorone vessel to resume operations, below is a compilation of the latest headlines in the E&P space.
Sangomar FPSO Arrives Offshore Senegal
2024-02-13 - Woodside’s Sangomar Field on track to start production in mid-2024.
Guyana’s Economy to Grow 34.3% in 2024, Finance Minister Says
2024-01-19 - Guyana’s economy is expected to grow 34.3% in 2024, exceeding growth of 33% in 2023, as an Exxon Mobil Corp.-led consortium ramps up offshore oil production, according to Guyana’s finance minister Ashni K. Singh.