Velocity acquisition adds crude capacity in SCOOP/Merge
Enable Midstream Partners (ticker: ENBL) significantly increased its crude business today with two moves to boost capacity.

Enable will boost its presence in the SCOOP and Merge through the acquisition of privately-held Velocity Holdings, an integrated crude and condensate gathering and transportation company. Velocity owns about 150 miles of pipeline capable of flowing about 225 MBPD, along with 400 MBBL of storage and truck bays capable of unloading 100 MBPD. Velocity serves a large area, with over 2 million acres dedicated.

Enable will pay $442 million for Velocity. The company announced it does not plan to raise equity to finance the move, and it only held $7 million in cash...

Legal Notice