HOUSTON--(BUSINESS WIRE)--Enterprise Products Partners L.P. (NYSE:EPD) today announced the start of a binding open commitment period to determine shipper demand for capacity on a proposed new pipeline that would originate in the Williston Basin of North Dakota and also serve the Powder River and Denver-Julesburg (“DJ”) Basins. The 30-inch diameter pipeline would extend approximately 1,200 miles to the Cushing hub in Oklahoma and is currently designed to have an initial capacity of approximately 340,000 barrels per day (“BPD”) of crude oil, expandable to more than 700,000 BPD.
The Bakken-to-Cushing pipeline would have the capability to transport up to six grades of crude oil and products, including Rockies Condensate and Processed Condensate. Subject to sufficient customer commitments, the pipeline is expected to begin service in stages, starting with the DJ-to-Cushing portion in the fourth quarter of 2016, and should be fully operational by the third quarter of 2017.
“This pipeline offers a reliable, safe, and economical solution that promotes continued development of some of our nation’s most prolific producing areas and reduces the need for imports of crude oil,” said A.J. “Jim” Teague, executive vice president and chief operating officer of Enterprise’s general partner. “By leveraging the capabilities of our existing midstream network, the Bakken-to-Cushing pipeline would provide flow assurance and market choice. At Cushing, shippers would have access to one of the most liquid crude oil trading hubs in the world, as well as a comprehensive network of storage and pipelines serving the U.S. Gulf Coast refining complex and waterborne transportation options.”
The open commitment period begins at 9 a.m. CDT September 4, 2014 and will close October 17, 2014 at 5 p.m. CDT. For commercial inquiries, please contact Brent Secrest at 713-381-2545 or email@example.com; or Greg Mills at 713-381-4079 or firstname.lastname@example.org. Additional information is available at http://www.enterpriseproducts.com/btcpipeline/.
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 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 51,000 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 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.