Enterprise Products Partners LP, one of the largest pipeline companies in the U.S., will buy Texas oil and gas pipelines and processing plants from Pioneer Natural Resources Co. and Reliance Industries Ltd. for $2.15 billion.
Pioneer is one of the most active drillers in U.S. shale formations, but last year’s oil price plunge forced the company to tighten its belt. In November, Pioneer announced it was looking for someone to buy its Eagle Ford Shale pipeline unit, a joint venture between Pioneer and Indian conglomerate Reliance. The assets move and process crude-oil and natural gas in South Texas.