Enterprise Announces Additional Contracts for Midland to ECHO Pipeline System
July 05 2017 - 8:30AM
Business Wire
Enterprise Products Partners L.P. (NYSE: EPD) today announced it
has executed additional long-term contracts to provide
transportation services on the Midland to ECHO crude oil pipeline
system. The execution of these additional agreements brings total
committed volumes on the Midland to Sealy segment of this system to
335,000 barrels per day (“BPD”), which represents approximately 83
percent of the segment’s ultimate committed capacity of 405,000
BPD. Total capacity for the pipeline segment will be 450,000 BPD,
which will include 45,000 BPD of “walk-up” capacity.
“We are very pleased to announce these additional commitments,”
said A.J. “Jim” Teague, chief executive officer of the general
partner of Enterprise. “Our Midland to ECHO crude oil system is
attractive to large producers in the Permian that control and
market their own production. Our transportation, storage and
distribution system connects Permian producers to dedicated storage
facilities, over 4 million BPD per day of refinery demand on the
Texas Gulf Coast as well as international markets through
Enterprise’s export marine terminals on the Houston Ship Channel
and Beaumont. We believe access to waterborne international markets
is essential to Permian producers to maximize the value of their
light crude oil and condensate production.”
The Midland to Sealy pipeline is expected to begin limited
commercial activities during the fourth quarter of 2017. The
pipeline is scheduled to be in full service, including the
capability to batch four grades of crude oil, with 450,000 BPD of
capacity by the second quarter of 2018. Committed volumes ramp up
through 2021 with 90 percent of the total committed volumes
scheduled to ramp up by the end of 2019.
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 export and import terminals; crude oil gathering,
transportation, storage, export and terminals; petrochemical and
refined products transportation, storage and terminals; and a
marine transportation business that operates primarily on the
United States inland and Intracoastal Waterway systems. The
partnership’s assets include approximately 50,000 miles of
pipelines; 260 million barrels of storage capacity for NGLs, crude
oil, refined products and petrochemicals; and 14 billion cubic feet
of natural gas storage capacity.
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 and its general partner 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 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
does not intend to update or revise its forward-looking statements,
whether as a result of new information, future events or
otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20170705005136/en/
Enterprise Products Partners L.P.Randy Burkhalter, (713)
381-6812Investor RelationsorJackie Richert, (713) 381-3920 or (866)
230-0745Investor RelationsorRick Rainey, (713) 381-3635Media
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