Press Release

HOUSTON--(BUSINESS WIRE)--Apr. 2, 2009-- Enterprise Products Partners L.P. (NYSE:EPD) today announced that construction of its crude oil pipeline serving the BHP Billiton-operated Shenzi field in the Gulf of Mexico has been completed, and is now transporting production from the deepwater discovery located at Green Canyon Block 653. The 83-mile, 20-inch diameter pipeline, which has a capacity of 230,000 barrels per day (BPD) of crude oil, connects to the partnership’s Ship Shoal 332B junction platform, giving Shenzi producers access to the Enterprise-operated Cameron Highway Oil Pipeline and Poseidon Oil Pipeline systems. Enterprise owns a 50 percent interest in Cameron Highway and a 36 percent interest in Poseidon. Located in approximately 4,300 feet of water about 120 miles off the coast of Louisiana, the Shenzi field is owned by a joint venture comprising BHP Billiton (operator), Repsol E&P USA Inc. and Hess Corporation.

“We are very pleased with the relationship we have developed with BHP Billiton and the rest of the Shenzi producers, as well as the performance of our personnel, whose expertise and efficiency allowed us to complete the project ahead of schedule and under budget,” said Michael A. Creel, Enterprise president and chief executive officer. “The Shenzi crude oil pipeline adds an important component to our integrated network of offshore assets that will provide our customers with enhanced flexibility to reach the premier oil markets in Texas and Louisiana.”

Through its ownership interest in the Cameron Highway and Poseidon pipelines, Enterprise will also benefit from incremental volumes of crude oil transported through those systems. Additional connection points and excess capacity that have been designed into the Shenzi pipeline will give Enterprise a competitive advantage in pursuing opportunities in the quickly developing Southern Green Canyon and Lower Tertiary plays of the deepwater Gulf of Mexico.

Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and is a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil and petrochemicals. Enterprise transports natural gas, NGLs, crude oil and petrochemicals through more than 36,000 miles of onshore and offshore pipelines. Services include natural gas transportation, gathering, processing and storage; NGL fractionation (or separation), transportation, storage, and import and export terminaling; crude oil transportation; offshore production platform services; and petrochemical transportation and services. Additional information is available online at www.epplp.com. Enterprise Products Partners L.P. is managed by its general partner, Enterprise Products GP LLC, which is wholly owned by Enterprise GP Holdings L.P. (NYSE:EPE). For more information on Enterprise GP Holdings L.P., visit www.enterprisegp.com.

This news release includes forward-looking statements. Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve certain risks and uncertainties, such as the partnership's expectations regarding the operation of its assets. These risks and uncertainties include, among other things, weather-related events, insufficient cash from operations, market conditions, governmental regulations and factors discussed in Enterprise Products Partners L.P.'s filings with the Securities and Exchange Commission. If any of these risks or uncertainties materializes, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those expected. The partnership disclaims any intention or obligation to update publicly or reverse such statements, whether as a result of new information, future events or otherwise.

 

 

Source: Enterprise Products Partners L.P.

Enterprise Products Partners L.P., Houston
Investor Relations
Randy Burkhalter, 713-381-6812 or 866-230-0745
or
Media Relations
Rick Rainey, 713-381-3635