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Enterprise Reports Results For The Third Quarter Of 2013

“Record volumes for our liquids pipelines, LPG export facility and NGL fractionators contributed to Enterprise’s strong performance in the third quarter of 2013 with $1.2 billion of gross operating margin, which is a near record in a quarter that is seasonally one of our weakest,” said Michael A. Creel, Chief Executive Officer of Enterprise’s general partner. “New assets placed into service during the past twelve months more than offset lower gross operating margin from our natural gas processing and crude oil marketing business due to lower margins. In the third quarter of 2013, volumes transported by our NGL, crude oil, refined products and petrochemical pipelines increased by 845,000 barrels per day, or 20 percent, to a record 5.1 million barrels per day. Our crude oil pipelines transported a record 1.6 million barrels per day in the third quarter of 2013, a 41 percent increase compared to the same quarter last year, while our NGL pipelines transported a record 2.9 million barrels per day, a 16 percent increase compared to the third quarter of 2012. These increases in pipeline volumes were primarily driven by NGL and crude oil production growth from the Eagle Ford shale development in South Texas, the expansion of our LPG export terminal and the completion of the Seaway pipeline reversal.”

“During the third quarter of 2013, we completed construction and began operations on major assets totaling $415 million of capital investment including our seventh NGL fractionator at Mont Belvieu and our Eagle Ford crude oil pipeline joint venture with Plains All American Pipeline. For the remainder of 2013, we expect to complete construction and begin commercial activities related to growth capital projects representing over $900 million of investment, net to our interest. These projects include:

  • our eighth NGL fractionator at Mont Belvieu;
  • the Texas Express NGL pipeline and related gathering systems; and
  • the extension of the Seaway crude oil pipeline from Jones Creek to our ECHO storage facility.”

“In 2014, we are scheduled to complete construction of energy infrastructure projects totaling $4.5 billion of investment. These projects will provide new sources of distributable cash flow for our partnership over the next several years,” stated Creel.

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