HOUSTON--(BUSINESS WIRE)--Jul. 19, 2017--
Enterprise Products Partners L.P. (NYSE: EPD) today announced the
company has prevailed in its appeal against Energy Transfer Partners.
This appeal stems from a 2014 Dallas jury verdict in a lawsuit filed by
Energy Transfer over a proposed pipeline project that was cancelled due
to a lack of customer support. This case has been a long, hard battle
and Enterprise is grateful to the Fifth Court of Appeals for their hard
In April 2011, Enterprise and Energy Transfer signed a series of
agreements disclaiming any partnership or joint venture absent executed
definitive documents and board approvals of the two companies.
Definitive agreements were never executed and board approval was never
obtained. The parties signed these disclaiming agreements precisely to
avoid the type of lawsuit brought here.
Enterprise management is grateful that the Dallas Court of Appeals
correctly reaffirmed the importance of written contracts. “This case
needed decisive action because it had the potential to stand as one of
the worst for business in Texas since the Texaco v. Pennzoil
decision from the 1980s,” said Enterprise appellate lawyer David E.
Keltner. “Sophisticated parties need the right to rely on written
contracts. Partnership by ambush is a bad public policy and goes against
the freedom to contract guaranteed by the Texas Constitution. The
business world breathed a sigh of relief today when ‘partnership by
ambush’ was ruled out of bounds in Texas.”
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 export and import
terminals; crude oil gathering, transportation, storage, export 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 50,000 miles of
pipelines; 260 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 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.
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Source: Enterprise Products Partners L.P.
Enterprise Products Partners L.P.
713-381-6812 or 866-230-0745