Enterprise and Genesis Complete Crude Oil Pipeline in the Deepwater Gulf of Mexico
July 30 2014 - 4:30PM
Business Wire
Enterprise Products Partners L.P. (NYSE:EPD) and Genesis Energy,
L.P. (NYSE: GEL) today announced that their jointly owned crude oil
gathering pipeline serving the Lucius production area in southern
Keathley Canyon is now mechanically complete and began earning
revenues July 1, 2014. Constructed and owned by Southeast Keathley
Canyon Pipeline Company, L.L.C. (“SEKCO”), a 50/50 joint venture
between Enterprise and Genesis, the 149-mile, 18-inch diameter
pipeline connects the third party-owned Lucius-truss spar floating
production platform to an existing junction platform at South Marsh
Island 205, which is part of the Enterprise-operated Poseidon
pipeline system. Enterprise serves as operator of the SEKCO
pipeline, which has a capacity of 115,000 barrels per day.
A producer group, led by operator Anadarko Petroleum
Corporation, is developing the Lucius production area, which is
estimated to have resources of more than 300 million barrels of oil
equivalent. First production is expected during the second half of
2014.
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.
Enterprise’s 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. The partnership’s assets include
approximately 51,000 miles of onshore and offshore pipelines; 200
million barrels of storage capacity for NGLs, crude oil, refined
products and petrochemicals; and 14 billion cubic feet of natural
gas storage capacity. Additional information regarding Enterprise
can be found on its website, www.enterpriseproducts.com.
Genesis Energy, L.P. is a diversified midstream energy master
limited partnership headquartered in Houston, Texas. Genesis’
operations include pipeline transportation, refinery services and
supply and logistics. The Pipeline Transportation Division is
engaged in the pipeline transportation of crude oil and carbon
dioxide. The Refinery Services Division primarily processes sour
gas streams to remove sulfur at refining operations, principally
located in Texas, Louisiana, and Arkansas. The Supply and Logistics
Division is engaged in the transportation, storage and supply and
marketing of energy products, including crude oil, refined
products, and certain industrial gases. Genesis’ operations are
primarily located in Texas, Louisiana, Arkansas, Mississippi,
Alabama, Florida and the Gulf of Mexico.
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 Genesis expect, believe or anticipate will or may
occur in the future, including anticipated benefits and other
aspects of such activities, events, developments or transactions,
are forward-looking statements. Although Enterprise and Genesis
believe that the forward-looking statements included herein are
based on information and assumptions which are current, reasonable
and complete, these statements are necessarily subject to a variety
of risks and uncertainties, 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 risks and uncertainties included in the
reports filed with the Securities and Exchange Commission by
Enterprise and Genesis, respectively. While Enterprise and Genesis
make these forward-looking statements in good faith, should one or
more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may differ
materially from those expected. 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, neither
Enterprise nor Genesis intends to update or revise its
forward-looking statements, whether as a result of new information,
future events or otherwise.
EnterpriseRandy Burkhalter, (713) 381-6812 or (866)
230-0745Investor RelationsorRick Rainey, (713) 381-3635Media
RelationsorGenesisBob Deere, (713) 860-2516Chief Financial
Officer
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