Enbridge (ENB) has reached a deal to acquire Salt Creek Midstream’s crude oil gathering business for $600MM. The deal gives ENB more upstream exposure in the Delaware to feed its Permian-to-Gulf Coast crude platform.
The Salt Creek transaction includes a 100% interest in the Orla and Wink North systems and a 50% interest in Delaware Crossing (DCX). The assets add ~500 miles of crude gathering pipeline, 420 Mb/d of throughput capacity and 350 Mbbl of storage in the Delaware Basin (see asset map below from Salt Creek Investor Relations).
Salt Creek serves more than 20 producers across ~320,000 dedicated acres and is backed by long-term contracts with an average remaining life of ~10 years. The deal provides ENB a stable base of fee-backed cash flows while increasing its exposure to Delaware production growth.
The Orla and Wink North systems gathered an average 68 Mb/d of crude oil in 2025, according to Form 6 filings with the Federal Energy Regulatory Commission. Volumes jumped to 75 Mb/d in 1Q26, likely a response to higher WTI prices from the Iran war (see figure below).
From a strategic view, Salt Creek fills an upstream gap in Enbridge’s crude value chain. The gathering system connects to its long-haul pipeline network, including Gray Oak (68.5% stake) and Cactus II (30% stake). Those pipes move Permian crude to the Gulf Coast and feed ENB’s wholly owned Ingleside Energy Center, one of North America’s largest crude export terminals. The deal moves the company further upstream and strengthens its wider “wellhead-to-water” strategy.
The integration means Enbridge can capture cash flow from Permian barrels at multiple points along the value chain, from Salt Creek gathering fees, to tariff revenue on Gray Oak or Cactus II, then downstream storage and terminaling activity at Ingleside. While ENB won’t capture every Salt Creek barrel, ownership of the gathering infrastructure provides greater access to Delaware production that can feed its downstream network.
Investor Takeaway: Continued development across Salt Creek’s 320,000 dedicated acres could drive growth in gathering volumes while supporting higher utilization across Enbridge’s Permian-to-Gulf Coast infrastructure. The acquisition provides more than incremental gathering EBITDA — it creates an upstream entry point that allows Enbridge to capture a greater share of the economics associated with long-term Permian production growth. – Will Warren Tickers: ENB.
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