Enterprise Signs Additional Long-Term Contracts for LPG Export Capacity
16 November 2015 - 11:30PM
Business Wire
Enterprise Products Partners L.P. (NYSE:EPD) today announced it
has executed additional long-term contracts with customers to
export approximately 125 million aggregate barrels of liquefied
petroleum gas (“LPG”) over a seven-year period from its terminal
along the Houston Ship Channel. Including the volume associated
with these agreements, Enterprise’s LPG export facility is now over
90 percent subscribed, in terms of estimated operating capacity,
through 2019.
“As the U.S. has become the largest exporter of LPG in the
world, our customers have come to appreciate even more our 30 years
of experience and the reliability and efficiency of our dock
operations,” said A.J. “Jim” Teague, chief operating officer of
Enterprise’s general partner. “The value of our export terminal to
customers is highlighted even further when you consider that the
majority of the capacity is under contract as far out as 2022.
Given the surplus of domestic LPG, Enterprise’s export terminal
plays a central role in promoting continued development of U.S.
energy reserves.”
Enterprise is nearing completion of a series of expansions at
the terminal designed to accommodate the growing demand for export
capacity. During the first quarter of 2015, the company increased
its loading rate to more than 16,000 barrels per hour (“BPH”), or 9
million barrels (“MMBbls”) per month. By the end of 2015,
Enterprise expects to complete the final phase, which will increase
loading rates at the terminal to more than 27,000 BPH. Once the
final expansion phase has been completed, Enterprise will have the
capacity to load up to 16 MMBbls per month of LPG, which equates to
approximately 29 vessels per month.
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; 225 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 expects, believes or anticipates will or may occur in
the future, including anticipated benefits and other aspects of
such activities, events, developments or transactions, are
forward-looking statements. These forward-looking statements are
subject to risks and uncertainties that may cause actual results to
differ materially, 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 the reports filed with the
Securities and Exchange Commission by Enterprise. 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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version on businesswire.com: http://www.businesswire.com/news/home/20151116005476/en/
Enterprise Products Partners L.P.Investor RelationsRandy
Burkhalter, 713-381-6812 or 866-230-0745orMedia RelationsRick
Rainey, 713-381-3635
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