EnLink completes VEX acquisition in dropdown transaction with Devon

EnLink Midstream Partners LP (NYSE: ENLK) has completed its acquisition of the Victoria Express Pipeline and related truck terminal and storage assets (VEX) from Devon Energy Corp. (NYSE: DVN). The transaction is expected to be immediately accretive to the Partnership.

The VEX pipeline is a 56-mile multi-grade crude oil pipeline with a current capacity of approximately 50,000 barrels per day (bpd), and, following completion of current expansion projects, it will have capacity of approximately 90,000 bpd. Other VEX assets at the destination of the pipeline include an eight-bay truck unloading terminal; 200,000 barrels of above-ground storage, of which 50,000 barrels are under construction; and rights to barge loading docks.

Also included in the transaction are facilities near the origin of the pipeline that are under construction, including an eight-bay truck unloading terminal and 160,000 barrels of above-ground storage.

 

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