Enbridge in $3 Billion Deal to Add U.S. Oil Export Capacity
- Buying Moda Midstream is bet on future of shale oil exports
- Deal includes North America’s largest crude export terminal
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Enbridge Inc., the Canadian pipeline giant, agreed to acquire a smaller U.S. rival to add export capacity on the Gulf Coast.
The company is buying Moda Midstream Operating LLC for $3 billion in cash from EnCap Flatrock Midstream, Enbridge said Tuesday in a statement. Enbridge’s stock price rose as much as 50 cents to C$50.62 in Toronto, the highest since March 2020, before erasing gains.