HOUSTON--(BUSINESS WIRE)--Enterprise Products Partners L.P. (NYSE: EPD) announced today that it has purchased a 37-acre tract of land adjacent to its Enterprise Crude Houston (ECHO) crude oil terminal, which is currently under construction, in southeast Harris County. The acquisition will allow the partnership to increase its crude oil storage capacity at ECHO to approximately 6 million barrels. The ECHO facility is expected to begin service in the second quarter of 2012.
“This additional acreage builds on our plan to establish ECHO as the premier Gulf Coast delivery hub for growing North American crude oil production, providing shippers with the opportunity to maximize the value of their production,” said A.J. “Jim” Teague, executive vice president and chief operating officer of Enterprise’s general partner. “Strategically located near two large-diameter crude oil pipelines, including the Seaway system, the ECHO terminal gives shippers the flexibility to access the largest concentration of refineries in the world, as well as the Cushing storage and trading hub. With its growing importance as an access point to the liquid Gulf Coast crude oil market, the ECHO terminal is being developed as a regional pricing point for the U.S. Gulf Coast crude market.”
ECHO will also serve as the receipt point for delivery of crude oil from the Eagle Ford Shale play in South Texas. Enterprise is nearing completion of a 147-mile pipeline that is expected to begin service in the second quarter of 2012 and will have 350,000 BPD of crude oil capacity. Phase II of the system, which includes an 80-mile pipeline extending the partnership’s crude oil system into the far southwest portion of the Eagle Ford Shale, is expected to be in service during the first quarter of 2013. Both phases are anchored by long-term contracts with shippers.
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. The partnership’s assets include approximately: 50,600 miles of onshore and offshore pipelines; 190 million barrels of storage capacity for NGLs, petrochemical, refined products and crude oil; and 14 billion cubic feet of natural gas storage capacity. Services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage, and import and export terminaling; offshore production platform services; crude oil and refined products transportation, storage and terminaling; petrochemical transportation and storage; and a marine transportation business that operates primarily on the United States inland and Intracoastal Waterway systems and in the Gulf of Mexico. For additional information, visit 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. Although Enterprise believes that the forward-looking statements included herein are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties, 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 risks and uncertainties included in the reports filed with the Securities and Exchange Commission by Enterprise. While Enterprise makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may differ materially from those expected. 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.