Enbridge (NYSE: ENB; TSX: ENB) announced on Wednesday that it will pay $600 million for Salt Creek Midstream’s Permian gathering business. It’s a modest deal by the standards of North American energy M&A, but a fresh data point in a bigger, less-asked question. How much of the infrastructure moving US oil and gas do Canadian companies already own?
The answer is a lot. Canadian-headquartered companies made up roughly 26% of North American midstream market value at the end of 2025, behind US corporations at 42% and US master limited partnerships at 32%.
Related: Enbridge Forecasts Surge in Canadian Crude Re-Exports Via Gulf Coast
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Enbridge alone moves roughly 30% of the crude oil North America produces and nearly 20% of the natural gas the US consumes, figures that predate Wednesday’s deal. TC Energy, another Calgary-based pipeline operator, put roughly US$2.7 billion of new capital projects into operation across its US natural gas network last year, according to its own annual filing.
Enbridge’s Salt Creek purchase, like most of these deals, covers gathering and transport infrastructure, the pipes and storage that move crude to market, not the wells or mineral rights that produce it. US producers still control the vast majority of Permian output.
Global and US investors have been pouring money into Canadian oil and gas, partly on concerns that the Permian Basin itself is maturing. Shell framed its proposed $16.4 billion purchase of Calgary-based ARC Resources this year around exactly that logic, chasing growth in a basin some analysts see as having more running room than Texas.
Wednesday’s purchase gives Enbridge full ownership of two Permian gathering systems and a stake in a third, adding about 500 miles of infrastructure that connects to its Ingleside Energy Center, North America’s largest crude export terminal.
