|ENTERPRISE PRODUCTS PARTNERS L P filed this Form 10-K on 02/28/2018|
Our success in raising capital, including the formation of joint ventures to share costs and risks, continues to be a significant factor in determining how much capital we can invest. We believe our access to capital resources is sufficient to meet the demands of our current and future growth needs and, although we expect to make the forecast capital expenditures noted above, we may adjust the timing and amounts of projected expenditures in response to changes in capital market conditions.
The following table summarizes the primary elements of our capital spending for the periods indicated (dollars in millions):
Fluctuations in our spending for growth capital projects and investments in unconsolidated affiliates are explained in large part by increases or decreases in spending on major expansion projects. Our most significant growth capital expenditures for the year ended December 31, 2017 involved projects at our Mont Belvieu complex as well as projects to support crude oil, natural gas and NGL production from the Permian Basin. Fluctuations in spending for sustaining capital projects are explained in large part by the timing and cost of pipeline integrity and similar projects.
Comparison of 2017 with 2016. Growth capital spending for projects to support Permian Basin production increased $909.5 million year-to-year primarily due to increased capital spending for the Midland-to-ECHO Pipeline System, which accounted for $480.2 million of the increase, construction of our Orla I and Orla II plants and related pipelines, which accounted for an additional $422.1 million of the increase, partially offset by decreased capital spending on our South Eddy plant and related pipelines, which accounted for $131.2 million of the decrease. We placed the Midland-to-ECHO Pipeline System into limited commercial service in November 2017. Additionally, we completed construction and placed the South Eddy facility into service in May 2016.
Growth capital spending for our Morgan’s Point Ethane Export Terminal and our LPG export expansion project decreased a combined $299.3 million. Our Morgan’s Point Ethane Export Terminal, which has an aggregate loading rate (nameplate capacity) of approximately 10,000 barrels per hour of fully refrigerated ethane and is the largest of its kind in the world, was placed into service in September 2016.
Growth capital spending for projects at our Mont Belvieu complex decreased $271.9 million year-to-year, primarily due to decreased capital spending at our PDH facility, which accounted for a $443.8 million decrease, partially offset by increased capital spending on our ninth NGL fractionator, which accounted for a $141.9 million increase, and our iBDH unit, which accounted for a $93.2 million additional increase.