Enterprise to Develop Refined Products Export Facilities on Texas Gulf Coast
HOUSTON--(BUSINESS WIRE)-- Enterprise Products Partners L.P. (NYS: EPD) today announced the partnership is developing two refined products export facilities to meet the growing demand for additional refined products export capability on the United States Gulf Coast. By utilizing Enterprise's existing Southern Complex of refined products pipeline, storage and terminal facilities in southeast Texas, Enterprise will provide customers with significantly improved access to its marine facilities at its ports in Beaumont, Texas and on the Houston Ship Channel. Export service at the Beaumont marine terminal will initially handle Panamax size vessels and is expected to begin service in the first quarter of 2014, followed in mid-2014 by its expanded marine terminal on the Houston Ship Channel that will be initially sized to handle up to Aframax class vessels.
Enterprise's Southern Complex has traditionally served as a feeder system for the Enterprise TE Products Pipeline system, which delivers refined products to the Midwest. Over the past year, Enterprise has repurposed its Southern Complex in order to increase supply and market access, system flexibility and capacity. Storage capacity at the partnership's Southern Complex facilities has more than doubled to approximately 12 million barrels; key pipeline segments serving major refining centers have been made bi-directional; and new interconnects provide access to major, third party interstate pipeline systems. The Southern Complex is directly connected for refined product receipts from the Colonial Pipeline and 10 refineries in southeast Texas, representing 3.3 million barrels per day of refining capacity. In addition, the Southern Complex offers access to three interstate pipelines and one intrastate pipeline. Enterprise's Southern Complex provides its customers with enhanced flow assurance and market choices.
"We are excited to announce our vertical integration into refined products export services," said Michael A. Creel, chief executive officer of Enterprise's general partner. "This expansion is driven by the tremendous growth of U.S. crude oil production from the development of the shale plays coupled with an increase in Gulf Coast refining production and strong international demand for U.S. refined products. In five short years, the United States has transitioned from importing approximately 1 million barrels per day ("MMBbls/d") of refined products in 2007 to exporting more than 1 MMBbls/d in 2012, with most of these exports supplied by refineries on the Gulf Coast. I would like to congratulate our commercial, engineering and operations team for the development of this capital efficient plan to repurpose and expand existing facilities including the reactivation of our marine facility in Beaumont."
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 (including LPG); 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 about Enterprise is available online at 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.
Enterprise Products Partners L.P.
Randy Burkhalter, (713) 381-6812 or (866) 230-0745
Rick Rainey, (713) 381-3635
KEYWORDS: United States North America Texas
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