Genesis to buy Enterprise offshore pipelines

Genesis Energy LP has agreed to buy the Gulf of Mexico pipelines and services business of Enterprise Products Partners LP for $1.5 billion cash.

The acquisition covers nine crude oil pipelines totaling more than 1,100 miles, nine natural gas pipeline systems totaling about 1,200 miles, and interests in six hub platforms.

Acquired interests include 36% in the Poseidon Oil Pipeline System, 50% in the Southeast Keathley Canyon Oil Pipeline System (SEKCO), and 50% in the Cameron Highway Oil Pipeline System (CHOPS).

Before the transaction, Genesis Energy held 28% of Poseidon, 50% of SEKCO, and 50% of CHOPS.

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