Deals
Genesis Buys Enterprise Offshore Pipelines for $1.5 Billion
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Genesis Energy LP agreed to buy the offshore Gulf of Mexico pipeline and service business of Enterprise Products Partners LP for about $1.5 billion in cash, consolidating its ownership of lines where volume is growing.
The assets include about 2,350 miles (3,800 kilometers) of oil and natural gas pipelines and six offshore hub platforms, Houston-based Genesis said in a statement Thursday. The transaction will make Genesis the 64 percent owner of the Poseidon Oil Pipeline System and full owner of the Southeast Keathley Canon Oil Pipeline and the Cameron Highway Oil Pipeline systems.