Enbridge advances its u.s. gulf coast oil strategy through increased ownership in gray oak pipeline

Calgary, ab , aug. 17, 2022 /prnewswire/ - enbridge inc. (enbridge or the company) (tsx: enb) (nyse: enb) today announced it has completed a joint venture merger transaction with phillips 66 (p66) resulting in a single joint venture holding both enbridge's and p66's indirect ownership interests in gray oak pipeline, llc (gray oak) and dcp midstream lp (dcp) and an agreement to realign their respective economic and governance interests in the underlying business operations. through the surviving joint venture as illustrated below, enbridge will increase its indirect economic interest in gray oak to 58.5% from 22.8%, and the parties have agreed to transfer to enbridge, from p66, the operatorship of gray oak, the long-haul, contracted pipeline which provides critical, low-cost connectivity from the permian into corpus christi and the houston area.
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