Enterprise Products Prevails in Dallas Court of Appeals
19 July 2017 - 11:04PM
Business Wire
Enterprise Products Partners L.P. (NYSE: EPD) today announced
the company has prevailed in its appeal against Energy Transfer
Partners. This appeal stems from a 2014 Dallas jury verdict in a
lawsuit filed by Energy Transfer over a proposed pipeline project
that was cancelled due to a lack of customer support. This case has
been a long, hard battle and Enterprise is grateful to the Fifth
Court of Appeals for their hard work.
In April 2011, Enterprise and Energy Transfer signed a series of
agreements disclaiming any partnership or joint venture absent
executed definitive documents and board approvals of the two
companies. Definitive agreements were never executed and board
approval was never obtained. The parties signed these disclaiming
agreements precisely to avoid the type of lawsuit brought here.
Enterprise management is grateful that the Dallas Court of
Appeals correctly reaffirmed the importance of written contracts.
“This case needed decisive action because it had the potential to
stand as one of the worst for business in Texas since the Texaco v.
Pennzoil decision from the 1980s,” said Enterprise appellate lawyer
David E. Keltner. “Sophisticated parties need the right to rely on
written contracts. Partnership by ambush is a bad public policy and
goes against the freedom to contract guaranteed by the Texas
Constitution. The business world breathed a sigh of relief today
when ‘partnership by ambush’ was ruled out of bounds in Texas.”
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.
Enterprise’s services include: natural gas gathering, treating,
processing, transportation and storage; NGL transportation,
fractionation, storage, and export and import terminals; crude oil
gathering, transportation, storage, export 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.
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 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 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
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/20170719005757/en/
Enterprise Products Partners L.P.Randy Burkhalter, 713-381-6812
or 866-230-0745Investor RelationsorRick Rainey, 713-381-3635Media
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