Enterprise to buy Reliance and Pioneer’s EFS Midstream
Posted on Wednesday, June 10th, 2015 at 2:19 pm
Houston-based midstream energy services provider Enterprise Products Partners LP has announced it will purchase the Eagle Ford Shale Midstream system (EFS Midstream) of Dallas-based Reliance Industries Ltd. and Mumbai-based Pioneer Natural Resources Co. for $2.15 billion, Bloomberg Business reported on June 1.
According to the agreement, Enterprise will pay the sellers in two installments. $1.15 billion will be paid upon the deal’s closure, while the remaining $1 billion will be paid 12 months after the closing. EFS Midstream is a provider of services in the petroleum industry’s midstream section, which comprises transportation, storage, and marketing of petroleum products. EFS Midstream is currently operating in the oil-rich Eagle Ford region.
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