HOUSTON--(BUSINESS WIRE)--Enterprise Products Partners L.P. (NYSE: EPD) announced today that while the partnership sustained minor damage to its assets on the U.S. Gulf Coast, due to the cumulative effects of the impacts of Hurricane Harvey, Enterprise is evaluating the potential curtailment of natural gas liquid (“NGL”) fractionation and storage services at its Mont Belvieu complex.
The impacts from Hurricane Harvey include, but are not limited to, the limitation of critical services provided by third parties, such as nitrogen supplies, flooding, and access to facilities. These impacts are exacerbated by the disruptions to energy demand caused by Hurricane Harvey's effects on refineries and petrochemical facilities on the U.S. Gulf Coast and the closure of all ports on the Texas Gulf Coast, which limit access to export markets.
The cumulative effect of these issues has caused brine containment issues and a reduction of fractionation capacity at Enterprise's Mont Belvieu complex. As a result, without relief from these difficulties, Enterprise is evaluating the curtailment of NGL fractionation and storage services. Enterprise will provide a periodic update of this situation as factors warrant.
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 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.
