Deals
Enbridge, Marathon Agree to Buy $2 Billion Bakken Pipe Stake
- Link to eastern Gulf Coast strategic for customers: Enbridge
- Sandpiper probably won’t advance now: Bloomberg Intelligence
This article is for subscribers only.
Enbridge Inc. and Marathon Petroleum Corp. agreed to pay $2 billion for a minority stake in the Bakken Pipeline system, securing a way to transport crude from North Dakota to the eastern Gulf Coast sooner than planned.
Enbridge Energy Partners LP, a unit of Enbridge, and Marathon will acquire 49 percent of the holding company that owns 75 percent of the system from an affiliate of Energy Transfer Partners LP and Sunoco Logistics Partners LP, the companies said in statements on Tuesday. Enbridge will pay $1.5 billion for its 27.6 percent share of the network while Marathon will put up $500 million for its 9.2 percent.