10:26:51 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Enbridge Inc
Symbol ENB
Shares Issued 867,612,878
Close 2016-01-27 C$ 45.39
Market Cap C$ 39,380,948,532
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Enbridge to acquire Tupper gas plants for $538-million

2016-01-27 17:26 ET - News Release

Mr. Gregory Harper reports

ENBRIDGE ACQUIRES MONTNEY NATURAL GAS ASSETS FROM MURPHY OIL CORP.

Enbridge Inc. will make a $538-million acquisition of Tupper Main and Tupper West gas plants and associated pipelines in northeastern British Columbia from the Canadian subsidiary of Murphy Oil Corp.

"This acquisition fits extremely well with Enbridge's low-risk value proposition, and supports our key priority of extending and diversifying growth," said C. Gregory Harper, president of gas pipelines and processing. "These assets, which are currently in operation, are underpinned by long-term contracts that generate highly predictable cash flows. They also enhance our natural gas footprint within the Montney, one of the most attractive gas plays in North America, and add gas processing services in proximity to our existing Sexsmith gathering system."

The purchase price will initially be financed from available sources of liquidity. The investment was anticipated in Enbridge's long-term capital expenditure plan, and no incremental equity financing will be required beyond amounts previously identified.

Located 35 kilometres southwest of Dawson Creek, B.C., the Tupper Main and Tupper West plants are adjacent to Enbridge's existing Sexsmith gathering system and close to the Alliance pipeline, which is 50 per cent owned by Enbridge Income Fund. Tupper Main was placed into service in late 2008 and has a licensed capacity of 110 million cubic feet per day. Tupper West went into service in early 2011 and has a licensed capacity of 210 million cubic feet per day. The assets include approximately 53 kilometres of high-pressure pipelines.

The transaction is subject to regulatory review and approval.

We seek Safe Harbor.

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