Enterprise Contracts Its First Export of U.S. Crude Oil
Enterprise Products Partners L.P. (NYSE:EPD) today announced that it has
agreed to provide pipeline and marine terminal services to load its
first export of crude oil produced in the United States under the law
enacted earlier this month. The 600,000 barrel cargo of domestic light
crude oil is scheduled to load at the Enterprise Hydrocarbon Terminal
(EHT) on the Houston Ship Channel during the first week of January 2016.
“We are excited to announce our first contract to export U.S. crude oil,
which to our knowledge may be the first export cargo of U.S. crude oil
from the Gulf Coast in almost 40 years,” said A.J. “Jim” Teague, chief
operating officer of Enterprise’s general partner. “Enterprise’s
integrated system enabled us to quickly respond to customer demand for
U.S. crude oil by international markets.”
“We applaud the actions of Congress and President Obama to remove the
ban on U.S. crude oil exports,” stated Teague. “This law facilitates
economic growth and job creation for the United States as well as
enhances our national and energy security. This action provides new
markets to domestic producers, especially producers of light crude oil,
and will provide global markets with supply diversification.”
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 gathering, transportation, storage 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 49,000 miles of pipelines;
225 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 expects, believes
or anticipates will or may occur in the future, including anticipated
benefits and other aspects of such activities, events, developments or
transactions, are forward-looking statements. These forward-looking
statements are subject to risks and uncertainties that may cause actual
results to differ materially, 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 the reports filed with the Securities and Exchange
Commission by Enterprise. 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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Copyright Business Wire 2015
Source: Business Wire
(December 23, 2015 - 10:21 AM EST)
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