A unit of EnLink Midstream Partners LP plans to buy LPC Crude Oil Marketing LLC for about $100 million. LPC purchases, transports and sells about 60,000 b/d of crude oil, serving as a link between Permian Basin producers and end markets. The acquisition expands EnLink's service offerings in the Permian, adding crude oil first purchasing and logistics capabilities to its natural gas gathering and processing services. "Even with the recent decline in oil prices, we believe that the Permian Basin will remain a core growth area for oil production," said EnLink Midstream LLC CEO Barry Davis. "This acquisition enhances EnLink's ability to provide a complete midstream solution to customers in one of the most active producing basins in North America, and our plan is to make additional investments expanding LPC's business over time." LPC assets include 13 pipeline and refinery injection stations; a fleet of 43 tractor trailers; six crude oil gathering systems totaling 67 miles of pipeline; and a crude oil first purchasing operation.
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