Dallas-based Energy Transfer expands pipeline network with $1.45 billion purchase

Energy Transfer owns one of the largest energy networks in the U.S., with about 120,000 miles of pipelines spanning 41 states.is expanding its oil pipeline network by more than 3,000 miles with the $1.45 billion purchase of a Sugar Land energy company., grows Energy Transfer’s already-sizeable footprint in the prolific Permian Basin. Lotus Midstream operates Centurion Pipeline Co., which extends from southeast New Mexico across West Texas to Cushing, Okla.

Energy Transfer said the acquisition will increase its storage capacity in Midland by 2 million barrels. Also included is a 5% stake in the Wink to Webster Pipeline, a 650-mile system that transports over 1 million barrels of crude oil and condensates a day from the Permian Basin to the Gulf Coast.When the deal closes, Energy Transfer said it also will start building a 30-mile pipeline to connect barrels stored in its Midland terminals for delivery to the Cushing hub.

Energy Transfer owns one of the largest energy networks in the U.S., with about 120,000 miles of pipelines spanning 41 states. It reported

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Energy Transfer stock gains after $1.45 billion deal to buy Lotus MidstreamShares of Energy Transfer LP rose 0.9% in premarket trading Monday, after the pipeline company announced an agreement to buy fellow Texas-based developer of...
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Energy Transfer boosts Permian presence with $1.45 billion deal for Lotus MidstreamEnergy Transfer Lp said on Monday that it would acquire pipeline operator Lotus Midstream in a $1.45 billion cash-and-stock deal to boost its pipeline portfolio in the U.S. Permian basin.
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