Enterprise Products Partners L.P. has closed on the sale of its offshore Gulf of Mexico pipelines and services business to Genesis Energy L.P. for approximately $1.5 billion in cash.

“The proceeds from this sale significantly enhance our financial flexibility,” said Michael A. Creel, CEO of Enterprise’s general partner. “Including the proceeds we received today, our current liquidity, consisting of unrestricted cash and available borrowing capacity under our credit facilities, is over $6 billion. This liquidity gives us flexibility in funding our growth capital projects, including attractive growth projects in the Eagle Ford and Permian regions, while eliminating our need to raise equity capital for the remainder of 2015 based on current expectations.”

Source: www.worldoil.com

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