Enterprise Products Partners LP closed the sale of its offshore Gulf of Mexico pipelines and services business to Genesis Energy LP for about $1.5 billion in cash, the company said July 24.
“We are pleased to complete this transaction with Genesis,” said Michael A. Creel, CEO of Enterprise’s general partner.
He said the proceeds enhance the company’s financial flexibility for Eagle Ford and Permian Basin projects. When they are included, the current liquidity is more than $6 billion, composed of cash and credit facility borrowing capacity.
Creel also said that no additional capital will need to be raised for the remainder of 2015.
Houston-based Enterprise Products Partners LP is a domestic-focused midstream company.
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