HOUSTON, DENVER & THE WOODLANDS, Texas--(EON: Enhanced Online News)--Enterprise Products Partners L.P. (NYSE: EPD), Enbridge Energy Partners, L.P., (NYSE: EEP), Anadarko Petroleum Corporation (NYSE: APC) and DCP Midstream Partners LP (NYSE: DPM) today announced the start of service on the Texas Express natural gas liquids (“NGL”) pipeline from Skellytown, Texas to the NGL fractionation and storage complex in Mont Belvieu, Texas. The Texas Express Pipeline, operated by Enterprise, gives producers in West and Central Texas, the Rocky Mountains, southern Oklahoma, the Mid-continent and the Denver-Julesburg basin much-needed takeaway capacity for growing NGL volumes and improved access to the largest NGL trading hub, located along the Gulf Coast.
NGL volumes from the Rockies, Permian Basin and Mid-continent regions will be transported to the Texas Express mainline through Enterprise’s Mid-America Pipeline system between the Conway hub and its Hobbs facility in Gaines County, Texas. NGL volumes from the Denver-Julesburg Basin will be transported to the Texas Express mainline by the Front Range Pipeline (owned by a joint venture comprised of Enterprise, Anadarko and DCP Midstream Partners, each with a one-third interest), which is under construction and expected to be in-service in the first quarter of 2014.
Supported by long-term contracts, the 583-mile pipeline has an initial capacity of approximately 280,000 barrels per day (“BPD”) and can be readily expanded to approximately 400,000 BPD. By providing greater access to domestic NGLs, Texas Express will help ensure reliable supplies of natural gas-derived feedstocks which offer a cost advantage compared to crude oil-based derivatives.
Enterprise and Enbridge Energy Partners each hold a 35 percent interest in Texas Express Pipeline LLC, with Anadarko having a 20 percent ownership interest and DCP Midstream Partners owning the remaining 10 percent stake.
In addition to the start of operations on the pipeline, service has also begun on two NGL gathering systems developed by Texas Express Gathering LLC, a second joint venture comprised of Enterprise (45 percent ownership), Enbridge Energy Partners (35 percent ownership) and Anadarko (20 percent ownership). Enbridge Energy Partners serves as operator of the two gathering systems, which link natural gas processing plants in the Anadarko/Granite Wash and Central Texas/Barnett Shale production areas to the Texas Express Pipeline.
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.
Enbridge Energy Partners, L.P. owns and operates a diversified portfolio of crude oil and natural gas transportation systems in the United States. Its principal crude oil system is the largest transporter of growing oil production from western Canada. The system's deliveries to refining centers and connected carriers in the United States account for approximately 15 percent of total U.S. oil imports; while deliveries to Ontario, Canada satisfy approximately 70 percent of refinery demand in that region. EEP's natural gas gathering, treating, processing and transmission assets, which are principally located onshore in the active U.S. Mid-Continent and Gulf Coast area, deliver approximately 2.5 billion cubic feet of natural gas daily. Enbridge Energy Management, L.L.C. (NYSE: EEQ) manages the business and affairs of EEP and its sole asset is an approximate 17 percent interest in the EEP. Enbridge Energy Company, Inc., an indirect wholly owned subsidiary of Enbridge Inc. of Calgary, Alberta, (NYSE: ENB) (TSX: ENB) is the general partner and holds an approximate 21 percent interest in EEP. Additional information is available at www.enbridgeus.com.
Anadarko Petroleum Corporation’s mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world’s health and welfare. As of year-end 2012, the company had approximately 2.56 billion barrels-equivalent of proved reserves, making it one of the world’s largest independent exploration and production companies. For more information about Anadarko and APC Flash Feed updates, please visit www.anadarko.com.
DCP Midstream Partners, LP is a midstream master limited partnership engaged in the business of gathering, compressing, treating, processing, transporting, storing and selling natural gas; producing, fractionating, transporting, storing and selling NGLs and condensate; and transporting, storing and selling propane in wholesale markets. DCP Midstream Partners, LP is managed by its general partner, DCP Midstream GP, LP, which in turn is managed by its general partner, DCP Midstream GP, LLC, or the General Partner, which is wholly-owned by DCP Midstream, LLC, a joint venture between Phillips 66 and Spectra Energy. For more information, visit the DCP Midstream Partners, LP website at www.dcppartners.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, Enbridge, Anadarko and DCP Midstream Partners expect, believe or anticipate 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, Enbridge, Anadarko and DCP Midstream Partners. 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, Enbridge, Anadarko and DCP Midstream Partners do not intend to update or revise their forward-looking statements, whether as a result of new information, future events or otherwise.