Sep 7, 2021 - Economy

Enbridge agrees to buy Moda Midstream Operating for $3 billion

Dan Primack

Illustration of oil barrels. — Illustration: Aïda Amer/Axios

Enbridge agreed to buy Moda Midstream Operating, a Houston-based liquids terminaling and logistics company, for $3 billion from EnCap Flatrock Midstream.

Why it matters: This includes MEIC, the largest crude oil export terminal in the U.S. and the subject of a recent lawsuit filed by two Native American tribes over expansion plans.

The bottom line: "The terminal ... can accommodate the largest oil tankers, known as very large crude carriers, and connects to the Permian and Eagle Ford production via several long-haul pipelines," the Houston Chronicle's Marcy de Luna writes.

Go deeper: 80% of the Gulf's oil and gas production is still offline after Hurricane Ida

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Enbridge agrees to buy Moda Midstream Operating for $3 billion

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