Enterprise Forms Joint Venture with Western Gas Partners to Own Two New NGL Fractionation Trains at
Enterprise Forms Joint Venture with Western Gas Partners to Own Two New NGL Fractionation Trains at Mont Belvieu
HOUSTON--(BUSINESS WIRE)-- Enterprise Products Partners L.P. (NYS: EPD) today announced that the partnership has entered into a joint venture with Western Gas Partners, LP to own natural gas liquid ("NGL") fractionation trains 7 and 8, which are currently under construction at Enterprise's complex in Mont Belvieu, Texas. Western Gas has acquired a 25 percent minority ownership interest in the joint venture, and Enterprise retains the remaining 75 percent ownership interest. Trains 7 and 8 have a design capacity to fractionate approximately 170,000 barrels per day BPD of NGLs. These trains are expected to begin commercial operations in the fourth quarter of 2013.
"We are pleased to partner with Western Gas Partners on NGL fractionation trains 7 and 8," said Michael A. Creel, chief executive officer of Enterprise's general partner. "This is the third midstream energy infrastructure project in which we have partnered with Anadarko Petroleum Corporation and its affiliates. Anadarko is a strategic partner that has made significant volume dedications to our facilities, including NGLs to our fractionation complex at Mont Belvieu."
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 50,000 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 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.These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, 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 the reports filed with the Securities and Exchange Commission by Enterprise.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.
Enterprise Products Partners L.P.
Randy Burkhalter, (713) 381-6812 or (866) 230-0745
Rick Rainey, (713) 381-3635
KEYWORDS: United States North America Texas
The article Enterprise Forms Joint Venture with Western Gas Partners to Own Two New NGL Fractionation Trains at Mont Belvieu originally appeared on Fool.com.
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