Enterprise Products Partners L.P. (NYSE:EPD), Anadarko Petroleum
Corporation (NYSE:APC), DCP Midstream Partners, LP (NYSE:DPM) and
MarkWest Energy Partners, L.P. (NYSE:MWE) today announced the
formation of a joint venture under which Enterprise will assign 45
percent ownership interest in its wholly owned Panola Pipeline
Company, LLC. The interest will be evenly divided among Anadarko’s
affiliate, WGR Asset Holding Company LLC (WGR), DCP Midstream
Partners and MarkWest. Enterprise will continue to serve as
operator of the Panola Pipeline and own the remaining 55 percent
interest.
The Panola Pipeline, which transports natural gas liquids
(“NGL”), originates in Carthage, Texas and extends 181 miles to
Mont Belvieu, Texas. Following a successful open season, Enterprise
recently announced plans to install 60 miles of new pipeline, as
well as pumps and other associated equipment as part of an
expansion project designed to increase capacity by 50,000 barrels
per day (“BPD”). The incremental capacity is expected to be
available in the first quarter of 2016.
“Developing win-win relationships with strategic partners that
bring volume commitments or other contributions to the joint
venture is a cornerstone of Enterprise’s growth,” said Michael A.
Creel, chief executive officer of Enterprise’s general partner. “We
are pleased to form this joint venture that benefits and aligns our
partners from the wellhead through the fractionator.”
“With Anadarko’s valuable position in the liquids-rich East
Texas area, this joint venture provided an excellent opportunity to
expand NGL takeaway incrementally to help facilitate future
activity and growth,” said Jacqui Dimpel, Anadarko vice president,
Midstream.
“DCP Midstream Partners is excited about our joint venture with
these strong partners in the Panola Pipeline system that will
support continued growth in East Texas and benefit DPM’s extensive
gathering and processing infrastructure in this area,” said Wouter
van Kempen, chairman and chief executive officer of DCP Midstream
Partners.
“The expansion of the Panola Pipeline system will provide
additional capacity for producers’ growing NGL production and
enable us to continue growing our midstream presence in Panola
County, Texas,” commented Frank Semple, chairman, president, and
chief executive officer of MarkWest. “We are pleased to be
partnering with Enterprise, WGR and DPM to construct this new joint
venture project.”
Enterprise Products Partners L.P. is one of the largest publicly
traded partnerships and a leading North American provider of
midstream energy services to producers and consumers of natural
gas, NGLs, crude oil, refined products and petrochemicals. Our
services include: natural gas gathering, treating, processing,
transportation and storage; NGL transportation, fractionation,
storage and import and export terminals; crude oil and refined
products transportation, storage and terminals; offshore production
platforms; petrochemical transportation and services; and a marine
transportation business that operates primarily on the United
States inland and Intracoastal Waterway systems and in the Gulf of
Mexico. Additional information regarding Enterprise can be found on
its website, www.enterpriseproducts.com.
Anadarko Petroleum Corporation’s mission is to deliver a
competitive and sustainable rate of return to shareholders by
exploring for, acquiring and developing oil and natural gas
resources vital to the world’s health and welfare. As of year-end
2014, the company had approximately 2.86 billion barrels-equivalent
of proved reserves, making it one of the world’s largest
independent exploration and production companies. For more
information about Anadarko and APC Flash Feed updates, please visit
www.anadarko.com.
DCP Midstream Partners, LP (NYSE:DPM) is a midstream master
limited partnership engaged in the business of gathering,
compressing, treating, processing, transporting, storing and
selling natural gas; producing, fractionating, transporting,
storing and selling NGLs and recovering and selling condensate; and
transporting, storing and selling propane in wholesale markets. DCP
Midstream Partners, LP is managed by its general partner, DCP
Midstream GP, LP, which in turn is managed by its general partner,
DCP Midstream GP, LLC, which is 100% owned by DCP Midstream, LLC, a
joint venture between Phillips 66 and Spectra Energy. For more
information, visit the DCP Midstream Partners, LP website at
www.dcppartners.com.
MarkWest Energy Partners, L.P. is a master limited partnership
engaged in the gathering, processing and transportation of natural
gas; the gathering, transportation, fractionation, storage and
marketing of natural gas liquids; and the gathering and
transportation of crude oil. MarkWest has a leading presence in
many unconventional gas plays including the Marcellus Shale, Utica
Shale, Huron/Berea Shale, Haynesville Shale, Woodford Shale and
Granite Wash formation. Additional information regarding MarkWest
can be found at its website, www.markwest.com.
This press release includes “forward-looking statements” as
defined by the Securities and Exchange Commission. All statements,
other than statements of historical fact, included herein that
address activities, events, developments or transactions that
Enterprise, Anadarko, MarkWest, DCP Midstream Partners and their
respective general partners or other affiliates expect, believe or
anticipate will or may occur in the future are forward-looking
statements. These forward-looking statements are subject to risks
and uncertainties that may cause actual results to differ
materially from expectations, including required approvals by
regulatory agencies, the possibility that the anticipated benefits
from such activities, events, developments or transactions cannot
be fully realized, the possibility that costs or difficulties
related thereto will be greater than expected, the impact of
competition, and other risk factors included in Enterprise’s,
Anadarko’s, MarkWest’s and DCP Midstream Partner’s (or their
respective affiliates’) reports filed with the Securities and
Exchange Commission. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of their dates. Except as required by law, Enterprise, Anadarko,
MarkWest and DCP Midstream Partners do not intend to update or
revise their forward-looking statements, whether as a result of new
information, future events or otherwise.
EnterpriseRandy Burkhalter, Investor Relations (713)
381-6812 or (866) 230-0745Rick Rainey, Media Relations (713)
259-9214orAnadarkoJohn Christiansen, Media Relations (832)
636-8736orDCP MidstreamAndrea Attel, Investor Relations
(303) 605-1741Sarah Rasmussen, Media Relations (303)
446-4170orMarkWestJoshua Hallenbeck, VP of Finance and
Treasurer (866) 858-0482
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