Enterprise Products Partners L.P. (NYSE:EPD) signed a definitive agreement to acquire Piñon Midstream, LLC from Black Bay Energy Capital, LLC for $950 million on August 21, 2024. A cash consideration of $950 million will be paid by Enterprise Products Partners L.P. The transaction is expected to be funded using cash on hand and borrowings under Enterprise?s existing commercial paper and bank credit facilities.

The transaction is subject to approval by regulatory board. This transaction is expected to be completed in the fourth quarter of 2024.

Piper Sandler & Co. acted as financial advisor for Piñon Midstream, LLC. Kirkland & Ellis LLP acted as legal advisor for Piñon Midstream, LLC. Locke Lord LLP acted as legal advisor for Enterprise Products Partners L.P. Sidley Austin LLP acted as legal advisor for Enterprise Products Partners L.P.

Enterprise Products Partners L.P. (NYSE:EPD) completed the acquisition of Piñon Midstream, LLC from Black Bay Energy Capital, LLC on October 28, 2024. As of November 8, 2024, the transaction was funded using cash on hand.