Enbridge’s latest U.S. liquids deal is more than a pipeline acquisition. It adds a connected crude corridor linking production in the Powder River and Denver-Julesburg basins with Cushing, Oklahoma, while complementing Enbridge’s existing Express-Platte network.
Enbridge announced an agreement to acquire Tallgrass Energy’s crude transportation business for $2.55 billion in cash. The transaction includes a 75% interest in the Pony Express Pipeline, a 51% interest in Powder River Gateway, approximately 8.4 million barrels of storage capacity across nine terminals, and Stanchion Energy’s crude marketing business. It also includes a 60.3% non-operating interest in the Deeprock Crude Terminal in Cushing.
The map powered by Rextag Energy DataLink shows why the transaction is best understood as a corridor story. Pony Express runs from Guernsey, Wyoming and multiple Colorado origins toward Cushing, while Iron Horse and Powder River Express form the Powder River Gateway system connecting Powder River Basin supply into Pony Express. The map also shows the Powder River and Denver-Julesburg basin outlines, liquid terminal context at Guernsey and Deeprock, nearby operational crude oil refineries, and the Platte Pipeline as existing Enbridge network context.
Pony Express is approximately 1,050 miles long with about 460,000 bpd of average annual capacity and direct access to roughly 500,000 bpd of refining capacity. Powder River Gateway includes the approximately 80-mile Iron Horse Pipeline and 70-mile Powder River Express Pipeline, with combined capacity of about 240,000 bpd.
The transaction also comes with a near-term expansion project. Enbridge will assume PXP2, a roughly $300 million expansion of Pony Express expected to increase capacity to approximately 515,000 bpd and enter service in late 2027.
For upstream, midstream, refining, and market intelligence teams, the important point is connectivity. The acquired assets do not sit as isolated pipelines. Together, they create a physical route from Rockies production into Cushing while adding storage, terminal capacity, and access to refining markets. Enbridge says the acquisition also complements its existing Express-Platte system, extending the strategic fit across its broader North American liquids network.
The transaction is expected to close later in 2026, subject to customary regulatory approvals and closing conditions.
Why it matters
● Enbridge agreed to acquire Tallgrass Energy’s crude transportation business for $2.55 billion.
● The deal includes a 75% interest in Pony Express, a 1,050-mile crude system with approximately 460 kbpd of capacity.
● Enbridge will acquire a 51% interest in Powder River Gateway, including Iron Horse and Powder River Express.
● Powder River Gateway provides approximately 240 kbpd of combined capacity.
● The transaction includes approximately 8.4 MMbbl of storage capacity across nine terminals.
● Enbridge also gains a 60.3% non-operating interest in Deeprock Crude Terminal in Cushing.
● The PXP2 expansion is expected to increase Pony Express capacity to approximately 515 kbpd in late 2027.
What the map shows
A Rockies-to-Cushing crude infrastructure view centered on the Tallgrass assets included in the announced transaction.
● Pony Express Pipeline
● Iron Horse Pipeline
● Powder River Express Pipeline
● Powder River Basin
● Denver-Julesburg Basin
● Guernsey liquid terminal context
● Deeprock Crude Terminal at Cushing
● operational crude oil refineries
● Platte Pipeline as existing Enbridge network context
The map uses basin outlines, refineries, and the Platte Pipeline to provide regional infrastructure context.
A deeper dive with Energy DataLink
Using Rextag Energy DataLink, users can compare crude oil pipelines, terminals, storage assets, refineries, and production-basin context in one mapped view. That helps teams understand how an acquisition changes corridor connectivity between supply regions, transportation systems, storage hubs, and downstream markets.
