Enbridge Income Fund Holdings Inc. and Enbridge Income Fund announced the closing of the acquisition of the 50% interest in the U.S. segment of the Alliance Pipeline and the purchase of Class A Units which provide a defined cash flow stream from the Southern Lights Pipeline by indirect wholly-owned subsidiaries of the Fund for $1.76 billion from indirect wholly-owned subsidiaries of Enbridge Inc. which was previously announced on Sept. 22, 2014.
"We are very pleased to close this transaction and add these desirable assets to our portfolio," said Perry Schuldhaus, the president of the company. "These assets are supported by strong fundamentals and commercial terms, and are ideally suited for our low-risk business model. They bolster and diversify the Fund's future cash flow and generate healthy accretion which supports an immediate 12.1% increase in the dividend."
Recommended Reading
Chevron Hunts Upside for Oil Recovery, D&C Savings with Permian Pilots
2024-02-06 - New techniques and technologies being piloted by Chevron in the Permian Basin are improving drilling and completed cycle times. Executives at the California-based major hope to eventually improve overall resource recovery from its shale portfolio.
Barnett & Beyond: Marathon, Oxy, Peers Testing Deeper Permian Zones
2024-04-29 - Marathon Oil, Occidental, Continental Resources and others are reaching under the Permian’s popular benches for new drilling locations. Analysts think there are areas of the basin where the Permian’s deeper zones can compete for capital.
To Dawson: EOG, SM Energy, More Aim to Push Midland Heat Map North
2024-02-22 - SM Energy joined Birch Operations, EOG Resources and Callon Petroleum in applying the newest D&C intel to areas north of Midland and Martin counties.
CNX, Appalachia Peers Defer Completions as NatGas Prices Languish
2024-04-25 - Henry Hub blues: CNX Resources and other Appalachia producers are slashing production and deferring well completions as natural gas spot prices hover near record lows.
CEO: Continental Adds Midland Basin Acreage, Explores Woodford, Barnett
2024-04-11 - Continental Resources is adding leases in Midland and Ector counties, Texas, as the private E&P hunts for drilling locations to explore. Continental is also testing deeper Barnett and Woodford intervals across its Permian footprint, CEO Doug Lawler said in an exclusive interview.