HOUSTON--(BUSINESS WIRE)--May 4, 2018--
Enterprise Products Partners L.P. (NYSE: EPD) and Energy Transfer
Partners, L.P. (NYSE: ETP) today announced the formation of a 50/50
joint venture to resume service on the Old Ocean natural gas pipeline,
which has been essentially idled since 2012. The 24-inch diameter
pipeline, which originates at Maypearl, Texas in Ellis County and
extends south approximately 240 miles to Sweeny, in Brazoria County,
Texas, is expected to resume service in the second quarter of 2018. ETP
will operate the pipeline. Additionally, both parties are in the process
of expanding their jointly owned North Texas 36-inch Pipeline that will
provide more capacity from West Texas for deliveries into the Old Ocean
Pipeline. The North Texas Pipeline expansion project is expected to be
complete by late fourth quarter of 2018.
“Bringing the Old Ocean pipeline back into service will help meet the
immediate demand for takeaway capacity from the growing Delaware Basin
and Midland Basin,” said A.J. “Jim” Teague, chief executive officer of
Enterprise’s general partner. “Old Ocean offers an efficient, timely,
cost-effective and integrated solution that provides producers with flow
assurance and access to the Gulf Coast.”
“We are excited about this opportunity to work with Enterprise to
provide much needed transportation capacity out of one of the most
prolific and active basins in the world,” said Mackie McCrea, group
chief operating officer and chief commercial officer of the owner of
Energy Transfer’s general partner.
Enterprise Products Partners L.P. (NYSE: EPD) 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 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.
Energy Transfer Partners, L.P. (NYSE: ETP) is a master limited
partnership that owns and operates one of the largest and most
diversified portfolios of energy assets in the United States.
Strategically positioned in all of the major U.S. production basins, ETP
owns and operates a geographically diverse portfolio of complementary
natural gas midstream, intrastate and interstate transportation and
storage assets; crude oil, natural gas liquids (NGL) and refined product
transportation and terminalling assets; NGL fractionation; and various
acquisition and marketing assets. ETP’s general partner is owned by
Energy Transfer Equity, L.P. (NYSE: ETE). For more information, visit
the Energy Transfer Partners, L.P. website at energytransfer.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 and Energy Transfer Partners, L.P. 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 and
Energy Transfer Partners, L.P’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 and Energy Transfer Partners, L.P.
do not intend to update or revise its forward-looking statements,
whether as a result of new information, future events or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180504005183/en/
Source: Enterprise Products Partners L.P.
713-381-6812 or 866-230-0745
Energy Transfer Partners
Helen Ryoo, Lyndsay Hannah, or Brent Ratliff,