Enlink Midstream Aquires Pipeline Company

First of Many Transactions with Devon
Victoria Express Pipeline

Victoria Express Pipeline |Click to Enlarge

Enlink Midstream Partners announced Monday it will acquire Victoria Express Pipeline (VEX) from Devon, giving the new company a “strategic footprint” into the Eagle Ford Shale play.

Read more about the VEX

The deal is estimated to be worth $220 million and includes the following assets:

  • A 56-mile multi-grade crude oil pipeline
  • Facilities at the Port of Victoria with an eight-bay truck unloading terminal and 200,000 barrels of above ground storage
  • Facilities near the origin of the pipeline (under construction) including an eight-bay truck unloading terminal and 160,000 barrels of above-ground storage
  • A condensate pipeline from the Eagle Ford Shale to Victoria

The transaction, expected to close on or about April 1st, is the first of many between Devon and Enlink (formerly Crosstex), who announced a partnership in 2014.

Read more about Devon in the Eagle Ford

Barry E. Davis, EnLink President and Chief Executive Officer. “This transaction marks the first dropdown from Devon to EnLink, and we expect transactions like this to play a significant role in our future growth. These assets will give EnLink a tremendous growth platform in the Eagle Ford Shale. We look forward to providing high-quality midstream services to producers and marketers in the Eagle Ford area.”

Read more at enlink.com