Enbridge in $3 Billion Deal to Add U.S. Oil Export Capacity (3)

Enbridge Inc., the Canadian pipeline giant, agreed to acquire a smaller U.S. rival to add export capacity on the Gulf Coast.

The company is buying Moda Midstream Operating LLC for $3 billion in cash from EnCap Flatrock Midstream, Enbridge said Tuesday in a statement. Enbridge’s stock price rose as much as 50 cents to C$50.62 in Toronto, the highest since March 2020, before erasing gains.

The deal marks a shift in focus toward the U.S. market for Enbridge as it wraps up construction of the Line 3 oil sands export line after years of regulatory and legal ...