HOUSTON--(BUSINESS WIRE)--Enterprise Products Partners L.P. (NYSE: EPD) (“Enterprise”) and Chevron U.S.A. Inc. (CUSA), a wholly-owned subsidiary of Chevron Corporation (NYSE: CVX), today announced the execution of long-term agreements for crude oil transportation, storage and marine terminaling services. This suite of agreements, together with other customer agreements, support expansion of Enterprise’s crude oil system from the Permian Basin to Enterprise’s ECHO terminal in Houston, Texas.
“These agreements support our Permian offtake strategy by providing greater takeaway capacity for our increasing Permian production,” said George Wall, President of Chevron Supply and Trading, a division of CUSA. “As our production scales up, we will have the means to get those energy resources to the market.”
These agreements also provide for storage at the ECHO terminal in Houston. The terminal has a total capacity of 8.3 million barrels and connects to all refiners in Houston, Pasadena, Texas City and Beaumont/Port Arthur. ECHO is among three integrated delivery points for NYMEX’s HCL crude oil futures contract.
“We are pleased to provide one of the premier Permian producers with transportation, terminaling and storage services,” said A.J. “Jim” Teague, Chief Executive Officer of Enterprise’s general partner.
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 currently include approximately 49,200 miles of pipelines; 260 million barrels of storage capacity for NGLs, crude oil, petrochemicals and refined products; 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 expects, believes or anticipates 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.