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CALGARY, AB, Aug. 17, 2022 /CNW/ – 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. Joint Venture Ownership and Economic Interesets (CNW Group/Enbridge Inc.) 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. The transfer of operatorship of Gray Oak is planned to occur in the second quarter of 2023. In turn, Enbridge will reduce its indirect economic interest in DCP to 13.2% from 28.3%, further reducing its commodity price exposure and strengthening the Company’s low risk pipeline-utility model. The merger is expected to be immediately accretive to Enbridge’s distributable cash flow […]
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