|Neptune Natural Gas Processing Plant Commences Operations|
HOUSTON--(BUSINESS WIRE)--March 20, 2000--Enterprise Products Partners L.P. (NYSE:EPD) announced that the Neptune natural gas processing plant has commenced commercial operations. Neptune, with the capacity to process 300 million cubic feet per day ("MMcfd") of natural gas, is located in St. Mary Parish, La., and processes natural gas that is transported on the Nautilus pipeline system. Enterprise operates the plant and has a 66 percent ownership interest, with Marathon Oil Company, a part of the USX-Marathon Group (NYSE:MRO), a unit of USX Corporation, holding the remaining 34 percent interest.
Neptune is currently processing approximately 200 MMcfd of natural gas originating primarily from deepwater Gulf of Mexico developments. The plant is yielding 16,000 barrels per day of natural gas liquids ("NGLs") which are transported via pipeline to the Promix fractionator, in which Enterprise owns a 33 1/3 percent interest, for separation into NGL products.
The Neptune plant is designed to recover in excess of 85 percent of the ethane and virtually 100 percent of the propane, butanes and natural gasoline present in the natural gas stream. At maximum capacity, the plant can produce more than 25,000 barrels per day of NGLs.
Enterprise Products Partners L.P., with an enterprise value of approximately $2 billion, is one of the leading midstream energy service companies in North America, providing the complete services of processing, fractionation, transportation and storage to producers of NGLs and consumers of NGL products.
This press release includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 based on the beliefs of the company, as well as assumptions made by, and information currently available to, management. Although Enterprise believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.
CONTACT: Enterprise Products Partners L.P., Houston Randy Fowler, 713/880-6694 http://www.epplp.com or Marathon Oil Company, Houston Diana Trimble, 713/296-3908