EnLink Midstream Partners LP (NYSE: ENLK) continues to build its pipeline paradise in the Permian Basin.

EnLink said Nov. 16 it acquired a 50% ownership interest in the Deadwood natural gas processing facility from a subsidiary of Apache Corp. (NYSE: APA).

EnLink, a midstream MLP formed and controlled by Devon Energy Corp. (NYSE: DVN), said the acquisition would be accretive. Apache agreed to sell its interests for about $40 million. With the partnership averaging $350 million in deals and projects per month since October 2014, EnLink appears far from done making deals. Additional acquisitions from Devon are also on the way, EnLink executives said.

The Deadwood deal adds 58 million cubic feet per day (MMcf/d) of capacity. Deadwood currently processes about 45 MMcf/d. With Apache’s interests in the Deadwood facility in EnLink’s hands, the MLP will possess net processing capacity of 343 MMcf/d in the Permian.

In 2011, EnLink and Apache jointly funded the development of the Deadwood newbuild processing facility. Each company held equal, undivided ownership interest. EnLink managed the plant’s initial construction and has operated the facility since startup.

“We consider the Deadwood facility to be an important piece of our growing infrastructure in the Permian Basin,” said Barry E. Davis, EnLink’s president and CEO. “By obtaining full ownership of the Deadwood processing facility, EnLink is able to enhance its presence in the Midland Basin, which is one of the most economic regions for oil and gas production in the U.S.”

EnLink has been on a tear in the Permian, where it has invested more than $1.5 billion.

In October, EnLink completed its $143 million purchase of Matador Resources Co.’s (NYSE: MTDR) Delaware Basin gathering and processing assets.

The company is also building its Riptide processing plant, which will add 100 MMcf/d of processing capacity in the Midland Basin. The plant is expected to be completed in the first half of 2016, EnLink said in May.

Linkage

Deadwood is the latest in a series of conquests for EnLink, as it pushes to build its asset bases in the Permian, Eagle Ford, South Louisiana and the Ohio River Valley.

Since October, EnLink has acquired or committed to projects worth $4.2 billion. New deals are on the horizon through the MLP’s close relationship with Devon. As of March 2014, Devon owned the majority of EnLink and its general partner and appointed a majority of both companies’ board members.

On a Nov. 4 conference call Davis said that Devon has made it clear that the Access and NGPL pipelines are dropdown candidates.

In Texas, Devon is the lifeblood of the MLP. EnLink earns about 77% of its gross operating margin in North Texas through long-term contracts with Devon, said Steve J. Hoppe, EnLink’s president-gas gathering, processing and transportation business.

The company’s customers also include Diamondback Energy (NASDAQ: FANG) and RSP Permian Inc. (NYSE: RSPP).

EnLink, in turn, is projected to provide roughly $270 million of distributions to Devon in 2015 and the company is counting on EnLink to grow distributions in the future, Davis said.

Hoppe said in the Nov. 4 earnings call that EnLink continues to make progress toward its growth strategy.

“The Midland Basin remains a very active drilling and development area even in a low price commodity environment, which creates additional opportunities for EnLink,” he said.

Contact the author, Darren Barbee, at dbarbee@hartenergy.com.