Energy Transfer to Purchase Lotus Midstream for $1.45B

Energy Transfer has agreed to acquire Lotus Midstream Operations in a $1.45 billion deal, which includes $900 million in cash and 44.5 million newly issued Energy Transfer common units. The acquisition will enhance Energy Transfer's crude pipeline footprint across the Permian Basin, adding approximately 3,000 miles of crude gathering and transportation pipelines that extend from Southeast New Mexico across the Permian Basin of West Texas to Cushing, Oklahoma. The deal is expected to close in Q2 2023, subject to regulatory approval and customary closing conditions.