Enbridge to Buy Tallgrass Crude Assets and Expand Pipeline Reach
Enbridge agreed to acquire Tallgrass Energy’s crude oil business for about US$2.55 billion in cash. The deal adds a 75% interest in the 1050-mile Pony Express pipeline (about 460,000 bpd), a 51% stake in the Powder River Gateway system (about 240,000 bpd plus 8.4 million barrels of storage and terminals), and the Stanchion Energy crude marketing business, targeting late-2027 service and addition to its US$41 billion secured growth backlog.