2023-03-28 07:06:00 ET
Energy Transfer (NYSE: ET) is at it again. The large-scale energy midstream company is making yet another sizable acquisition. This time it's acquiring privately held Lotus Midstream in a $1.45 billion deal.
Here's a closer look at Energy Transfer's latest deal and how it will benefit the company's big-time distribution.
Energy Transfer's acquisition of Lotus Midstream will bolster the MLP's crude oil pipeline footprint in the resource-rich Permian Basin. It will add 3,000 miles of oil gathering and transportation pipelines across the Basin's core, including the Centurion Pipeline. The company's system has the capacity to transport 1.5 million barrels of oil per day. Lotus also owns 2 million barrels of oil storage capacity. In addition, Lotus has a 5% interest in the 650-mile Wink to Webster pipeline system that moves oil to the Gulf Coast.
For further details see:
Energy Transfer Makes Another Big Deal to Further Support Its Ultra-High-Yielding Payout