Enbridge continues Its U.S. growth strategy with latest acquistion
In March 2021, Enbridge completed the acquisition of Blueknight Energy Partners LP’s (Blueknight) crude oil terminaling facility located in Cushing, OK, for $132.0 million. The facility contains 34 tanks that can hold up to 6.6 billion barrels. Improving its presence through acquisitions instead of construction provides the company with a monetary advantage, enabling it to maintain its position as the second-largest storage operator in Cushing. Additionally, it increases the company’s presence along the U.S. Gulf Coast and enables connectivity to its latest production basins in Oklahoma and the Rockies.
Competition|New Activity|M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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