HOUSTON--(BUSINESS WIRE)--May 24, 2018--
Enterprise Products Partners L.P. (NYSE: EPD) and Apache Corporation
(NYSE and NASDAQ: APA) today announced they have executed a long-term
agreement, with Apache committing 100 percent of its Alpine High natural
gas liquids (“NGLs”) to Enterprise.
Apache has 336,000 net acres in its Alpine High discovery in the
Delaware Basin. Enterprise has committed to accept a minimum of 205,000
barrels per day (“BPD”) of NGLs from Apache.
Enterprise is constructing the 658-mile Shin Oak pipeline from Reeves
County to Enterprise’s NGL fractionation and storage complex in Mont
Belvieu, Texas. The pipeline is expected to have an initial capacity of
550,000 BPD and is scheduled to be completed in the second quarter of
2019. Apache has an option for a 33 percent equity stake in the Shin Oak
pipeline, which is exercisable after the in-service date.
“We are excited to announce our long-term agreements with Apache to
support their development of the prolific Alpine High region,” said A.J.
“Jim” Teague, chief executive officer of Enterprise’s general
partner. “This is another example of Enterprise working with a premier
producer in one of the most attractive developments in the U.S. Shin Oak
complements Enterprise’s existing foundation of midstream assets and is
part of our comprehensive solution for providing flow assurance and
market choices from multiple basins, in addition to facilitating
continued production growth in an area, which is expected to double over
the next four years.”
“Alpine High is an enormous hydrocarbon resource that encompasses rich
gas, dry gas and oil-bearing horizons. This agreement provides an
efficient long-term outlet for the tremendous volume of NGLs that Apache
plans to produce from the rich gas window of the play.
“Today’s announcement with Enterprise is another step in supporting our
full-field development program and ensuring access to attractive markets
for our products,” said Brian Feed, Apache’s senior vice president,
Midstream and Marketing.
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;
250 million barrels of storage capacity for NGLs, crude oil, refined
products and petrochemicals; and 14 billion cubic feet of natural gas
Apache Corporation is an oil and gas exploration and production company
with operations in the United States, Egypt and the United Kingdom.
Apache posts announcements, updates, investor information and all recent
press releases on its website, www.apachecorp.com.
This press release includes forward-looking statements. Except for
the historical information contained herein, the matters discussed in
this press release are forward-looking statements that involve certain
risks and uncertainties, such as Enterprise’s and Apache’s expectations
regarding future results, capital expenditures, project completions,
liquidity and financial market conditions. These risks and uncertainties
include, among other things, insufficient cash from operations, adverse
market conditions, governmental regulations and other factors discussed
in Enterprise’s and Apache’s filings with the U.S. Securities and
Exchange Commission. If any of these risks or uncertainties materialize,
or should underlying assumptions prove incorrect, actual results or
outcomes may vary materially from those expected. Enterprise and Apache
disclaim any intention or obligation to update publicly or reverse such
statements, whether as a result of new information, future events or
View source version on businesswire.com: https://www.businesswire.com/news/home/20180524005629/en/
Source: Enterprise Products Partners L.P.
Burkhalter, (713) 381-6812 or (866) 230-0745
Rick Rainey, (713) 381-3635
Castlen Kennedy, (713) 296-7189
Gary Clark, (281) 302-2286