HOUSTON--(BUSINESS WIRE)--Enterprise Products Partners L.P. (NYSE: EPD) today announced that it will adopt five new quality specifications for sweet crude oil, also referred to as West Texas Intermediate (“WTI”) at its terminal in Cushing, Oklahoma. Enterprise’s Cushing terminal is a physical delivery point for NYMEX WTI futures.
“We are pleased to offer an expanded quality assurance program which is consistent with the standards required by our producing and refining customers, both domestic and international,” said Brent Secrest, senior vice president, Liquid Hydrocarbons Marketing, for Enterprise’s general partner. “The new specifications will enhance stability, predictability and integrity for the WTI crude oil stream, which can be delivered against the NYMEX WTI futures contract at Cushing.”
The five additional quality parameters include tests for distillation, vanadium, nickel, total acid number (TAN) and micro carbon residue. The new WTI quality specifications are expected to take effect starting with the January 2019 delivery month.
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.