CALGARY, ALBERTA--(Marketwire - Nov. 16, 2011) - Enbridge Inc. (TSX:ENB) (NYSE:ENB) announced today that it has entered into an agreement to acquire ConocoPhillips' (NYSE: COP) 50 per cent interest in the Seaway Crude Pipeline System for US$1.15 billion. On closing, Enbridge will become joint owner of the pipeline with Enterprise Products Partners L.P. (NYSE: EPD) ("Enterprise"). Enterprise will continue to operate the pipeline system and storage facilities.
"The Seaway Pipeline is a key strategic asset in the US Gulf Coast and an excellent fit with Enbridge's existing pipeline system," said Patrick D. Daniel, President and Chief Executive Officer, Enbridge Inc.
The 670-mile (1,078-kilometer) Seaway Crude Pipeline System (SCPS) includes the 500-mile (805-kilometer), 30-inch diameter Freeport, Texas to Cushing, Oklahoma long-haul system, as well as the Texas City Terminal and Distribution System which serves refineries in the Houston and Texas City areas. SCPS also includes 6.8 million barrels of crude oil tankage on the Texas Gulf Coast and four import docks at two locations.
Closing of the transaction is subject to normal closing conditions and customary regulatory approvals and is anticipated by early 2012.
About Enbridge Inc.
Enbridge Inc., a Canadian company, is a North American leader in delivering energy and one of the Global 100 Most Sustainable Corporations. As a transporter of energy, Enbridge operates, in Canada and the U.S., the world's longest crude oil and liquids transportation system. The Company also has a significant and growing involvement in natural gas gathering, transmission and midstream businesses, and an increasing involvement in power transmission. As a distributor of energy, Enbridge owns and operates Canada's largest natural gas distribution company, and provides distribution services in Ontario, Quebec, New Brunswick and New York State. As a generator of energy, Enbridge has interests in close to 860 megawatts of renewable and alternative energy generating capacity and is expanding its interests in wind and solar energy, geothermal and hybrid fuel cells. Enbridge employs approximately 6,400 people, primarily in Canada and the U.S. and is ranked as one of Canada's Greenest Employers, and one of the Top 100 Companies to Work for in Canada. Enbridge's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.
Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Although Enbridge believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties pertaining to operating performance, regulatory parameters, weather, economic conditions and commodity prices. You can find a discussion of those risks and uncertainties in our Canadian securities filings and American SEC filings. While Enbridge makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Except as may be required by applicable securities laws, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.
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