Enterprise Expanding LPG Capacity at Houston Ship Channel Terminal
September 10 2018 - 12:49PM
Business Wire
Enterprise Products Partners L.P. (NYSE: EPD) today announced
that construction is under way to increase loading capacity for
liquefied petroleum gas (“LPG”), primarily propane and butane, at
the Enterprise Hydrocarbon Terminal (“EHT”) by 175,000 barrels per
day (“BPD”), or approximately 5 million barrels per month. The
expansion will bring total LPG export capacity at EHT to 720,000
BPD, or approximately 21 million barrels per month.
Upon completion of this expansion project, EHT will have the
capability to load as many as six Very Large Gas Carrier (“VLGC”)
vessels simultaneously, while maintaining the option to switch
between propane and butane loadings. Once operational, the
expansion will allow EHT to load a single VLGC in less than 24
hours, creating greater efficiencies and cost savings for
customers. The incremental capacity is expected to be available in
the second half of 2019.
“Enterprise is already the largest exporter of propane in the
world and this expansion project will increase our ability to
export LPGs from the EHT facility by another 30 percent with
nominal capital investment,” said A.J. “Jim” Teague, chief
executive officer of Enterprise’s general partner. “Domestic
production of hydrocarbons continues to exceed expectations and
U.S. demand. U.S. LPG production currently exceeds U.S. demand by
over one million barrels per day and domestic export terminals are
approaching full utilization. We estimate that U.S. LPG production
could increase by up to an additional 1.5 million barrels per day
by 2025. Without access to international markets, excess LPG
supplies would lead to a curtailment in U.S. crude oil and natural
gas production growth. Marine terminal expansions like ours will be
essential to balancing the market and meeting growing global demand
for U.S. hydrocarbons.”
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 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 Products Partners L.P. 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 Products Partners L.P. 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
Products Partners L.P. does not intend to update or revise their
forward-looking statements, whether as a result of new information,
future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180910005747/en/
Enterprise Products Partners L.P.Randy Burkhalter, 713-381-6812
or 866-230-0745Investor RelationsorRick Rainey, 713-381-3635Media
Relations
Enterprise Products Part... (NYSE:EPD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Enterprise Products Part... (NYSE:EPD)
Historical Stock Chart
From Apr 2023 to Apr 2024