Enterprise to Hold Open Season for Proposed Bakken-to-Cushing Crude Oil Pipeline
September 04 2014 - 5:49PM
Business Wire
Enterprise Products Partners L.P. (NYSE:EPD) today announced the
start of a binding open commitment period to determine shipper
demand for capacity on a proposed new pipeline that would originate
in the Williston Basin of North Dakota and also serve the Powder
River and Denver-Julesburg (“DJ”) Basins. The 30-inch diameter
pipeline would extend approximately 1,200 miles to the Cushing hub
in Oklahoma and is currently designed to have an initial capacity
of approximately 340,000 barrels per day (“BPD”) of crude oil,
expandable to more than 700,000 BPD.
The Bakken-to-Cushing pipeline would have the capability to
transport up to six grades of crude oil and products, including
Rockies Condensate and Processed Condensate. Subject to sufficient
customer commitments, the pipeline is expected to begin service in
stages, starting with the DJ-to-Cushing portion in the fourth
quarter of 2016, and should be fully operational by the third
quarter of 2017.
“This pipeline offers a reliable, safe, and economical solution
that promotes continued development of some of our nation’s most
prolific producing areas and reduces the need for imports of crude
oil,” said A.J. “Jim” Teague, executive vice president and chief
operating officer of Enterprise’s general partner. “By leveraging
the capabilities of our existing midstream network, the
Bakken-to-Cushing pipeline would provide flow assurance and market
choice. At Cushing, shippers would have access to one of the most
liquid crude oil trading hubs in the world, as well as a
comprehensive network of storage and pipelines serving the U.S.
Gulf Coast refining complex and waterborne transportation
options.”
The open commitment period begins at 9 a.m. CDT September 4,
2014 and will close October 17, 2014 at 5 p.m. CDT. For commercial
inquiries, please contact Brent Secrest at 713-381-2545 or
besecrest@eprod.com; or Greg Mills at
713-381-4079 or gmills@eprod.com.
Additional information is available at http://www.enterpriseproducts.com/btcpipeline/.
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. 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.
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.
Enterprise Products Partners L.P.Randy Burkhalter, (713)
381-6812Investor RelationsorRick Rainey, (713) 381-3635Media
Relations
Enterprise Products Part... (NYSE:EPD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Enterprise Products Part... (NYSE:EPD)
Historical Stock Chart
From Apr 2023 to Apr 2024