Enterprise Products (EPD) Completes $580 Million Acquisition to Expand Midland Basin Footprint

Enterprise Products Partners L.P. (NYSE:EPD) ranks among the best stocks to buy for retirement. On August 22, Enterprise Products Partners L.P. (NYSE:EPD) completed its acquisition of Occidental’s natural gas gathering affiliate for $580 million in cash. Signed in July, the sale is a component of Occidental’s debt-reduction plan.

The debt-free purchase comprises natural gas gathering systems in the Midland Basin, as well as nearly 200 miles of pipelines.

The acquisition instantly increases Enterprise’s natural gas gathering footprint in the Midland Basin and gives the company long-term development visibility by giving it access to more than 1,000 drillable prospects.

One of the leading midstream energy companies in the United States, Enterprise Products Partners L.P. (NYSE:EPD) runs a vast network of pipelines, terminals, processing facilities, and storage facilities in key energy-producing areas of the country.

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Disclosure: None. This article is originally published at Insider Monkey.