Nasdaq


HOUSTON – Enterprise Products Partners LP’s EPD.N crude pipeline volumes rose by 16% in the first quarter, the U.S. energy pipeline operator said on Monday, as demand recovered.

Enterprise Products' crude pipeline volumes rise 16%- oil and gas 360

Source: Nasdaq

Russia’s invasion of Ukraine and worries of a supply crunch increased prices of U.S. oil CLc1 and natural gas NGc1 by more than 33% and 50% in the quarter respectively, driving producers to boost output and increase volumes though pipelines.

Crude oil pipeline transportation volume rose to 2.2 million barrels per day (bpd), in the quarter ended March 31, from 1.9 million bpd a year earlier.

Volumes climbed on the company’s Midland-to-ECHO pipeline, which transports crude from the heart of the Permian basin, to Enterprise’s ECHO terminal in Houston, and on its crude oil gathering systems in West Texas and southeast New Mexico that connect to its terminal in Midland, Texas, Enterprise said.

Crude volumes handled by the company’s marine terminals also rose 39% to 796 million bpd.

Natural gas pipelines transported 16.4 trillion British thermal units per day, 20% higher than in the year-ago quarter, as demand for the fuel surged in Europe after Russia’s invasion of Ukraine, which Moscow calls a “special military operation”.

To capitalise on increased demand for natural gas, Enterprise in January agreed to buy Warburg Pincus-owned Navitas Midstream for $3.25 billion.

Pipeline operators, including Enterprise, have also sought to re-purpose some of their vast network of energy pipelines. Enterprise and Occidental Petroleum’s OXY.N low carbon venture announced plans last month to work toward a potential carbon dioxide transportation and sequestration solution for the Texas Gulf Coast.

Total revenue rose 42% to $13 billion, beating analysts’ average estimate of $10.39 billion, according to Refinitiv IBES.

Excluding one-time items, profit of 59 cents per share also beat expectations of 53 cents per share.

 


Legal Notice