HOUSTON--(EON: Enhanced Online News)--Enterprise Products Partners L.P. (NYSE: EPD) today announced that the seventh natural gas liquids (“NGL”) fractionator at the partnership’s Mont Belvieu, Texas complex is now operational. The new unit, which has the capability to fractionate up to 85,000 barrels per day (“BPD”) of NGL, increases total fractionation capacity at Enterprise’s Mont Belvieu facility to 570,000 BPD. The seventh fractionator will facilitate the increasing NGL production from domestic shale plays, including the Eagle Ford in South Texas, and other basins in the Rocky Mountain and Mid-continent regions. Rising NGL production from the shale plays continues to provide a cost advantage for the global petrochemical industry which favors natural gas-derived feedstocks over more expensive crude oil-based derivatives.
“With the completion of our newest fractionator ahead of schedule and within budget, we continue to demonstrate our ability to respond quickly, efficiently and safely to the midstream infrastructure requirements of the evolving domestic energy landscape and create value for our customers”
“With the completion of our newest fractionator ahead of schedule and within budget, we continue to demonstrate our ability to respond quickly, efficiently and safely to the midstream infrastructure requirements of the evolving domestic energy landscape and create value for our customers,” said Michael A. Creel, chief executive officer of Enterprise’s general partner. “Our eighth fractionator is also running ahead of schedule and should be in-service by mid-fourth quarter 2013. Fractionators seven and eight will increase total capacity at the partnership’s Mont Belvieu complex to 655,000 BPD, compared to 400,000 BPD just three years ago. System wide, Enterprise’s fractionation capacity will expand to more than 1 million BPD with the addition of the two new NGL fractionators.”
The seventh and eighth fractionators are being developed as part of a joint venture with Western Gas Partners, LP, an affiliate of Anadarko Petroleum Corporation. Enterprise will operate the new units and owns a 75 percent interest and Western Gas Partners has a 25 percent interest in each of the two fractionators.
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 and storage; LPG import and export terminals; crude oil and refined products transportation, storage and terminals; offshore production platforms; petrochemical transportation and services; and a marine transportation business that operates primarily on the United States inland and Intracoastal Waterway systems and in the Gulf of Mexico. The partnership’s assets include approximately 50,000 miles of onshore and offshore pipelines; 200 million barrels of storage capacity for NGLs, crude oil, refined products and petrochemicals; and 14 billion cubic feet of natural gas storage capacity. Additional information regarding Enterprise can be found on its website, www.enterpriseproducts.com.
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.