Enbridge Completes Spectra Energy Acquisition
By CT2 Staff18 December 2018
Enbridge, a Canadian pipeline company and natural gas distributor, has completed its acquisition with Spectra Energy Partners LP. The $3.3 billion move, announced on Aug. 24, makes Spectra Energy an indirect, wholly owned subsidiary of Enbridge.
The combined company increases Enbridge’s presences as a natural gas provider in Canada and the United States. Spectra Energy, based out of Houston, Texas, has 16,000 miles (25,750 km) of transmission pipelines, 170 Bcf (4.8 X 109 m3) of natural gas storage and 5.6 million barrels of crude oil storage.
Before the merger, Enbridge was providing an average of 2.9 million barrels of crude oil per day; accounted for 62% of U.S.-bound Canadian crude oil exports; and moved 22% of all natural gas consumed in the United States.