“Enbridge is also very pleased to be working with Enterprise and Anadarko on this critical NGL pipeline,” said Mark Maki, president of Enbridge Energy Partners, L.P. “Through our extensive gathering and processing assets, Enbridge has developed a significant and growing NGL supply position in Texas and Oklahoma. The Texas Express Pipeline will provide guaranteed NGL access to the primary U.S. petrochemical market in Mont Belvieu, ensuring premium NGL netbacks for our customers. Importantly, the Texas Express pipeline fulfills a key strategic objective of Enbridge to extend our value chain from gathering and processing to include NGL transportation, providing Enbridge’s unit holders with a new source of strong and stable cash flow.”
Anadarko Vice President, Midstream, Danny Rea, said, “This project will further enhance our ability to consistently access premium Mont Belvieu markets and increase the wellhead netbacks for our growing NGL production from our Rockies and Texas assets, as well as better align our interests with the project developers through our equity participation.”
While providing producers with much-needed takeaway capacity, TEP will also supply petrochemical facilities with a reliable, domestic source of feedstock. Demand for natural gas-derived feedstocks remains strong, driven by the wide spread between crude oil and natural gas prices.
Enterprise Products Partners L.P. is the largest publicly traded partnership and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Enterprise’s assets include approximately: 50,200 miles of onshore and offshore pipelines; 192 million barrels of storage capacity for NGLs, refined products and crude oil; and 27 billion cubic feet of natural gas storage capacity. Services include: natural gas transportation, gathering, processing and storage; NGL fractionation, transportation, storage, and import and export terminaling; crude oil and refined products storage, transportation and terminaling; offshore production platform; 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 more information visit www.enterpriseproducts.com.Enbridge Energy Partners, L.P. owns and operates a diversified portfolio of crude oil and natural gas transportation systems in the United States. Its principal crude oil system is the largest transporter of growing oil production from western Canada. The system's deliveries to refining centers and connected carriers in the United States account for approximately 13 percent of total U.S. oil imports; while deliveries to Ontario, Canada satisfy approximately 70 percent of refinery demand in that region. EEP's natural gas gathering, treating, processing and transmission assets, which are principally located onshore in the active U.S. Mid-Continent and Gulf Coast area, deliver approximately 2.5 billion cubic feet of natural gas daily. Enbridge Energy Management, L.L.C. (NYSE:EEQ) manages the business and affairs of EEP and its sole asset is an approximate 14 percent interest in the EEP. Enbridge Energy Company, Inc., an indirect wholly owned subsidiary of Enbridge Inc. of Calgary, Alberta, (NYSE:ENB) (TSX:ENB) is the general partner and holds an approximate 25 percent interest in EEP. Additional information is available at www.enbridgeus.com. Anadarko Petroleum Corporation is one of the world’s largest independent oil and natural gas exploration and natural gas exploration and production companies with 2.42 billion barrels-equivalent of proved reserves as of year end 2010. The company has significant producing properties in southwest and West Texas, including premier positions in the Eagleford Shale, Ozona area and Permian Basin. The company also is among the largest operators in the Rocky Mountain region, and combined with its master limited partnership, Western Gas Partners, LP (NYSE:WES), has extensive midstream infrastructure throughout its U.S. onshore operating areas. Anadarko’s mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world’s health and welfare. For more information about Anadarko, please visit www.anadarko.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, Enbridge and Anadarko expect, believe or anticipate 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, Enbridge and Anadarko. 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, Enbridge and Anadarko do not intend to update or revise their forward-looking statements, whether as a result of new information, future events or otherwise. Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6850416&lang=en
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